Electronic trade processing system and method

ABSTRACT

In one implementation, a computer-implemented method, executed on a computing device and configured to effectuate a clearing platform, includes: enabling agent functionality for a plurality of clients with respect to a Value Unit Repository (VUR) and a plurality of custodial accounts defined therein; receiving a plurality of digitally-signed matched orders concerning a plurality of parties. thus defining a batch of digitally-signed matched orders; and effectuating the clearing of the batch of digitally-signed matched orders including: performing a netting operation to determine a net asset amount for each of the plurality of parties, and seeking multi-party approval to transfer the net asset amount for each of the plurality of parties to a custodial account associated with each of the plurality of parties.

RELATED APPLICATION(S)

This application claims the benefit of the following U.S. ProvisionalApplication Nos.: 62/738,274, filed 28 Sep. 2018; 62/738,250, filed 28Sep. 2018; 62/739,705, filed 1 Oct. 2018; 62/739,723, filed 1 Oct. 2018;62/770,605, filed 21 Nov. 2018; 62/824,558, filed 27 Mar. 2019;62/825,432, filed 28 Mar. 2019; 62/844,581, filed 7 May 2019;62/844,591, filed 7 May 2019; 62/863,455, filed 19 Jun. 2019; and62/882,834, filed 5 Aug. 2019, their entire contents of which are hereinincorporated by reference.

TECHNICAL FIELD

This disclosure relates to trade processing systems and, moreparticularly, to electronic trade processing systems.

BACKGROUND

Modern trading systems are large, complex, computer-implemented systems.Gone are the days of the trading floor being crowded with groups oftraders screaming their bid and ask prices to close a deal. Today'strading systems operate in silence with digital efficiency, as bidorders and ask orders are quietly matched and trades are efficientlyexecuted based upon the same.

Unfortunately, as the cutting edge becomes the new normal, existingsystems need to adapt to address and incorporate new methodologies andconcepts. For example, the trading of cryptocurrency has presented theexisting trading infrastructure with complex challenges concerning howto integrate such new technology into existing systems.

Summary of Disclosure

In one implementation, a computer-implemented method, executed on acomputing device and configured to effectuate a clearing platform,includes: enabling agent functionality for a plurality of clients withrespect to a Value Unit Repository (VUR) and a plurality of custodialaccounts defined therein; receiving a plurality of digitally-signedmatched orders concerning a plurality of parties. thus defining a batchof digitally-signed matched orders; and effectuating the clearing of thebatch of digitally-signed matched orders including: performing a nettingoperation to determine a net asset amount for each of the plurality ofparties, and seeking multi-party approval to transfer the net assetamount for each of the plurality of parties to a custodial accountassociated with each of the plurality of parties.

One or more of the following features may be included. The Value UnitRepository (VUR) may include one or more of: a qualified custodian; abank; a trust company; a digital asset wallet with multiparty approvals;a dealer; and a broker/dealer. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: if such multi-partyapproval is received, transferring the net asset amount for each of theplurality of parties to the custodial account associated with each ofthe plurality of parties. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: sending one or moremessages to the Value Unit Repository (VUR) to effectuate transferringthe net asset amount for each of the plurality of parties to thecustodial account associated with each of the plurality of parties.Effectuating the clearing of the batch of digitally-signed matchedorders may further include: confirming the origin and/or integrity ofeach of the batch of digitally-signed matched orders prior to performingthe netting operation to determine the net asset amount for each of theplurality of parties. Each of the batch of digitally-signed matchedorders may have been encrypted using a private encryption key of aspecific party associated with the batch of digitally-signed matchedorders. Confirming the origin and/or integrity of each of the batch ofdigitally-signed matched orders prior to performing the nettingoperation to determine a net asset amount for each of the plurality ofparties may include: using a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders to confirmthe origin and/or integrity of each of the batch of digitally-signedmatched orders prior to performing the netting operation to determinethe net asset amount for each of the plurality of parties.

In another implementation, a computer program product resides on acomputer readable medium and has a plurality of instructions stored onit. When executed by a processor, the instructions cause the processorto perform operations including: enabling agent functionality for aplurality of clients with respect to a Value Unit Repository (VUR) and aplurality of custodial accounts defined therein; receiving a pluralityof digitally-signed matched orders concerning a plurality of parties.thus defining a batch of digitally-signed matched orders; andeffectuating the clearing of the batch of digitally-signed matchedorders including: performing a netting operation to determine a netasset amount for each of the plurality of parties, and seekingmulti-party approval to transfer the net asset amount for each of theplurality of parties to a custodial account associated with each of theplurality of parties.

One or more of the following features may be included. The Value UnitRepository (VUR) may include one or more of: a qualified custodian; abank; a trust company; a digital asset wallet with multiparty approvals;a dealer; and a broker/dealer. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: if such multi-partyapproval is received, transferring the net asset amount for each of theplurality of parties to the custodial account associated with each ofthe plurality of parties. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: sending one or moremessages to the Value Unit Repository (VUR) to effectuate transferringthe net asset amount for each of the plurality of parties to thecustodial account associated with each of the plurality of parties.Effectuating the clearing of the batch of digitally-signed matchedorders may further include: confirming the origin and/or integrity ofeach of the batch of digitally-signed matched orders prior to performingthe netting operation to determine the net asset amount for each of theplurality of parties. Each of the batch of digitally-signed matchedorders may have been encrypted using a private encryption key of aspecific party associated with the batch of digitally-signed matchedorders. Confirming the origin and/or integrity of each of the batch ofdigitally-signed matched orders prior to performing the nettingoperation to determine a net asset amount for each of the plurality ofparties may include: using a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders to confirmthe origin and/or integrity of each of the batch of digitally-signedmatched orders prior to performing the netting operation to determinethe net asset amount for each of the plurality of parties.

In another implementation, a computing system including a processor andmemory is configured to perform operations including: enabling agentfunctionality for a plurality of clients with respect to a Value UnitRepository (VUR) and a plurality of custodial accounts defined therein;receiving a plurality of digitally-signed matched orders concerning aplurality of parties. thus defining a batch of digitally-signed matchedorders; and effectuating the clearing of the batch of digitally-signedmatched orders including: performing a netting operation to determine anet asset amount for each of the plurality of parties, and seekingmulti-party approval to transfer the net asset amount for each of theplurality of parties to a custodial account associated with each of theplurality of parties.

One or more of the following features may be included. The Value UnitRepository (VUR) may include one or more of: a qualified custodian; abank; a trust company; a digital asset wallet with multiparty approvals;a dealer; and a broker/dealer. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: if such multi-partyapproval is received, transferring the net asset amount for each of theplurality of parties to the custodial account associated with each ofthe plurality of parties. Effectuating the clearing of the batch ofdigitally-signed matched orders may further include: sending one or moremessages to the Value Unit Repository (VUR) to effectuate transferringthe net asset amount for each of the plurality of parties to thecustodial account associated with each of the plurality of parties.Effectuating the clearing of the batch of digitally-signed matchedorders may further include: confirming the origin and/or integrity ofeach of the batch of digitally-signed matched orders prior to performingthe netting operation to determine the net asset amount for each of theplurality of parties. Each of the batch of digitally-signed matchedorders may have been encrypted using a private encryption key of aspecific party associated with the batch of digitally-signed matchedorders. Confirming the origin and/or integrity of each of the batch ofdigitally-signed matched orders prior to performing the nettingoperation to determine a net asset amount for each of the plurality ofparties may include: using a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders to confirmthe origin and/or integrity of each of the batch of digitally-signedmatched orders prior to performing the netting operation to determinethe net asset amount for each of the plurality of parties.

The details of one or more implementations are set forth in theaccompanying drawings and the description below. Other features andadvantages will become apparent from the description, the drawings, andthe claims.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a diagrammatic view of a distributed computing networkincluding a computing device that executes a trading platform processaccording to an embodiment of the present disclosure;

FIG. 2 is a diagrammatic view of a trading system configured to executethe trading platform process of FIG. 1 according to an embodiment of thepresent disclosure;

FIG. 3 is a flowchart of an implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 4 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 5 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 6 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 7 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 8 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 9 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 10 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 11 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 12 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 13 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 14 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 15 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 16 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 17 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 18 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 19 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 20 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 21 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 22 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;

FIG. 23 is diagrammatic view of a trading system configured to executethe trading platform process of FIG. 1 according to an embodiment of thepresent disclosure;

FIG. 24 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure;and

FIG. 25 is a flowchart of another implementation of the trading platformprocess of FIG. 1 according to an embodiment of the present disclosure.

Like reference symbols in the various drawings indicate like elements.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS

System Overview

Referring to FIG. 1, there is shown trading platform process 10. Tradingplatform process 10 may be implemented as a server-side process, aclient-side process, or a hybrid server-side/client-side process. Forexample, trading platform process 10 may be implemented as a purelyserver-side process via trading platform process 10 s. Alternatively,trading platform process 10 may be implemented as a purely client-sideprocess via one or more of trading platform process 10 c 1, tradingplatform process 10 c 2, trading platform process 10 c 3, and tradingplatform process 10 c 4. Alternatively still, trading platform process10 may be implemented as a hybrid server-side/client-side process viatrading platform process 10 s in combination with one or more of tradingplatform process 10 c 1, trading platform process 10 c 2, tradingplatform process 10 c 3, and trading platform process 10 c 4.Accordingly, trading platform process 10 as used in this disclosure mayinclude any combination of trading platform process 10 s, tradingplatform process 10 c 1, trading platform process 10 c 2, tradingplatform process 10 c 3, and trading platform process 10 c 4.

Trading platform process 10 s may be a server application and may resideon and may be executed by computing device 12, which may be connected tonetwork 14 (e.g., the Internet or a local area network). Examples ofcomputing device 12 may include, but are not limited to: a personalcomputer, a laptop computer, a personal digital assistant, adata-enabled cellular telephone, a notebook computer, a television withone or more processors embedded therein or coupled thereto, acable/satellite receiver with one or more processors embedded therein orcoupled thereto, a server computer, a series of server computers, a minicomputer, a mainframe computer, or a cloud-based computing network.

The instruction sets and subroutines of trading platform process 10 s,which may be stored on storage device 16 coupled to computing device 12,may be executed by one or more processors (not shown) and one or morememory architectures (not shown) included within computing device 12.Examples of storage device 16 may include but are not limited to: a harddisk drive; a RAID device; a random access memory (RAM); a read-onlymemory (ROM); and all forms of flash memory storage devices.

Network 14 may be connected to one or more secondary networks (e.g.,network 18), examples of which may include but are not limited to: alocal area network; a wide area network; or an intranet, for example.

Examples of trading platform processes 10 c 1, 10 c 2, 10 c 3, 10 c 4may include but are not limited to a client application, a web browser,a game console user interface, or a specialized application (e.g., anapplication running on e.g., the Android″ platform or the iOS™platform). The instruction sets and subroutines of trading platformprocesses 10 c 1, 10 c 2, 10 c 3, 10 c 4, which may be stored on storagedevices 20, 22, 24, 26 (respectively) coupled to client electronicdevices 28, 30, 32, 34 (respectively), may be executed by one or moreprocessors (not shown) and one or more memory architectures (not shown)incorporated into client electronic devices 28, 30, 32, 34(respectively). Examples of storage devices 20, 22, 24, 26 may includebut are not limited to: a hard disk drive; a RAID device; a randomaccess memory (RAM); a read-only memory (ROM); and all forms of flashmemory storage devices.

Examples of client electronic devices 28, 30, 32, 34 may include, butare not limited to, data-enabled, cellular telephone 28, laptop computer30, personal digital assistant 32, personal computer 34, a notebookcomputer (not shown), a server computer (not shown), a gaming console(not shown), a smart television (not shown), and a dedicated networkdevice (not shown). Client electronic devices 28, 30, 32, 34 may eachexecute an operating system, examples of which may include but are notlimited to Microsoft Windows™, Android™, WebOS™, iOS™, Redhat Linux™, ora custom operating system.

Users 36, 38, 40, 42 may access trading platform process 10 directlythrough network 14 or through secondary network 18. Further, tradingplatform process 10 may be connected to network 14 through secondarynetwork 18, as illustrated with link line 44.

The various client electronic devices (e.g., client electronic devices28, 30, 32, 34) may be directly or indirectly coupled to network 14 (ornetwork 18). For example, data-enabled, cellular telephone 28 and laptopcomputer 30 are shown wirelessly coupled to network 14 via wirelesscommunication channels 46, 48 (respectively) established betweendata-enabled, cellular telephone 28, laptop computer 30 (respectively)and cellular network/bridge 50, which is shown directly coupled tonetwork 14. Further, personal digital assistant 32 is shown wirelesslycoupled to network 14 via wireless communication channel 52 establishedbetween personal digital assistant 32 and wireless access point (i.e.,WAP) 54, which is shown directly coupled to network 14. Additionally,personal computer 34 is shown directly coupled to network 18 via ahardwired network connection.

WAP 54 may be, for example, an IEEE 802.11a, 802.11b, 802.11g, 802.11n,Wi-Fi, and/or Bluetooth device that is capable of establishing wirelesscommunication channel 52 between personal digital assistant 32 and WAP54. As is known in the art, IEEE 802.11x specifications may use Ethernetprotocol and carrier sense multiple access with collision avoidance(i.e., CSMA/CA) for path sharing. The various 802.11x specifications mayuse phase-shift keying (i.e., PSK) modulation or complementary codekeying (i.e., CCK) modulation, for example. As is known in the art,Bluetooth is a telecommunications industry specification that allowse.g., mobile phones, computers, and personal digital assistants to beinterconnected using a short-range wireless connection.

Trading System

Referring to FIG. 2, there is shown one implementation of trading system100, which may be configured to execute trading platform process 10 and,therefore, may include (or be coupled to) computing device 12. As willbe discussed below in greater detail, trading system 100 may beconfigured to effectuate trades of assets (e.g. assets 102) betweenvarious market participants (e.g. market participants 104). Examples ofassets 102 may include but are not limited to bearer financial assets(e.g. a quantity of a cyptocurrency, a quantity of a fiat currency, andor a quantity of a physical asset).

As used in this disclosure, “fiat currency” is intended to mean any andall representations/embodiments/instantiations of a fiat currency. Forexample and as used in this disclosure, “fiat currency” may be aphysical representation of a fiat currency (e.g., a physical quantity ofUS dollars). Additionally/alternatively and as used in this disclosure,“fiat currency” may be a digital/electronic representation of a fiatcurrency (e.g., a digital representation of a quantity of US dollars).Accordingly and as used in this document, “fiat currency” is intended toinclude any and all representations/embodiments/instantiations of a fiatcurrency.

Trading system 100 may be configured to include and/or interface withone or more trading platforms (e.g. trading platforms 106), examples ofwhich may include but are not limited to one or more ElectronicCommunications (or Crossing) Networks (e.g., ECNs 108) and/or one ormore Over-the-Counter Platforms (e.g., OTCs 110).

As is known in the art, an Electronic Communications (or Crossing)Network (e.g., ECN 108) is a digital trading system that matches buyersand sellers looking to make trades in the financial markets. AnElectronic Communications (or Crossing) Network (e.g., ECN 108) mayallow brokerages and investors in different geographic areas to tradewithout a third party involved, offering privacy for investors.Additionally, an Electronic Communications (or Crossing) Network (e.g.,ECN 108) may enable trading to happen outside of traditional tradinghours, therefore enabling investors to react to or anticipateafter-hours news.

As is known in the art, an Over-the-Counter Platform (e.g., OTC 110) isa system that enables trades for companies that are not listed on aformal exchange such as the New York Stock Exchange (NYSE). Trades madeover-the-counter may occur via a broker-dealer network (as opposed to ona centralized exchange). The assets being traded may not meet therequirements to have a listing on a standard market exchange.Transactions may take place through the Over-the-Counter Bulletin Board(OTCBB) or the Pink Sheets listing services. The OTCBB is an electronicquotation and trading service that may facilitate higher liquidity andbetter information sharing. Pink Sheets is a service that works withbroker-dealers to bring small company shares to market. OTC securitiesmay trade by broker-dealers who negotiate directly with one another overcomputer networks and by phone using the OTCBB. The dealers may act asmarket makers using the Pink Sheets and the OTCBB, which is provided bythe National Association of Securities Dealers (NASD).

Trading system 100 may be configured to interface with one or more valueunit repositories (e.g., value unit repository 112), examples of whichmay include but are not limited to a qualified custodian (e.g. athird-party configured to store assets 102); a bank (e.g. a traditionalcommercial bank configured to store assets 102); a trust company (e.g. atraditional trust company configured to store assets 102); a digitalasset wallet (e.g. a software service that may use cryptography and isconfigured to store assets 102); a dealer (e.g. a traditional securitiesdealer configured to store assets 102); and a broker/dealer (e.g. atraditional broker/dealer configured to store assets 102).

As will be discussed below in greater detail, value unit repository 112may include a plurality of defined accounts of varying types. Asdiscussed above, trading system 100 may be configured to effectuatetrades of assets (e.g. assets 102) between various market participants(e.g. market participants 104). Assume for this example that marketparticipants 104 includes a first market participant (e.g. first party114) and a second market participant (e.g. second party 116).

Accordingly and in order to enable the trading of assets (e.g. assets102) between the various market participants (e.g. first party 114 andsecond party 116); first party 114 may have one or more accounts (e.g.trading account 118 and/or transfer account 120) defined within valueunit repository 112, while second party 116 may have one or moreaccounts (e.g. trading account 122 and/or transfer account 124 (definedwithin value unit repository 112.

As we discussed below in greater detail, transfer accounts (e.g.transfer account 120 and/or transfer account 124) may be configured sothat they are client accessible, wherein the owner of such an account(e.g. first party 114 and second party 116 respectively) may be allowedto freely move assets into and/or out of such transfer accounts (withsome restrictions).

Further and as will be discussed below in greater detail, tradingaccounts (e.g. trading account 118 and/or trading account 122) may beconfigured so that they are client inaccessible, wherein the owner ofsuch an account (e.g., first party 114 and second party 116respectively) may not be allowed to freely move assets into and/or outof such trading accounts (with some restrictions).

Trading system 100 may be configured to include and/or interface with aclearing platform (e.g. clearing platform 126). As is known in the art,a clearing platform (e.g. clearing platform 126) may act as anintermediary between a buyer and seller and may seek to ensure that theprocess from trade inception to settlement is smooth. The main role of aclearing platform (e.g. clearing platform 126) may be to ensure that thebuyer and seller honor their contractual obligations, wherein suchresponsibilities may include settling trading accounts, clearing trades,collecting and maintaining margin monies, regulating delivery of thebought/sold instrument, and reporting trading data. Clearing platforms(e.g. clearing platform 126) may act as third parties to all futures andoptions contracts, as buyers to every clearing member seller, and assellers to every clearing member buyer.

Trading system 100 may be configured to include and/or interface with aclearing & funding agent (e.g., clearing & funding agent 128) to enabletrading system 100 and/or one or more of trading platforms 106 to act asan agent for clearing platform 126 and/or the various accounts definedwithin value unit repository 112 (e.g. trading account 118, transferaccount 120, trading account 122, and transfer account 124).

Referring to FIG. 3, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

Trading platform process 10 may further be configured to receive 200 oneor more unmatched orders (e.g., order 130 from first party 114 and/ororder 132 from second party 116) for bearer financial assets. Asdiscussed above, examples of such bearer financial assets may includebut are not limited to one or more of: a cryptocurrency; a fiatcurrency; and a physical asset.

Trading platform process 10 may further be configured to match 202 theone or more unmatched orders (e.g., order 130 from first party 114and/or order 132 from second party 116) to execute trades of thesebearer financial assets. For example, assume that first party 114 isinterested in buying Bitcoin tokens at $4,000 each, as represented byunmatched order 130. Further, assume that second party 116 is interestedin selling Bitcoin tokens at $4,000 each, as represented by unmatchedorder 132. Naturally, the quantity of Bitcoin tokens sought for purchaseby first party 114 or offered for sale by second party 116 is incidentalfor this example, as that will only determine whether or not theseunmatched orders are wholly or partially filled. For this example,assume that first party 114 is interested in buying 100 Bitcoin tokensat $4,000 each and second party 116 is interested in selling 100 Bitcointokens at $4,000 each. Accordingly and in such an example, tradeplatform process 10 may match 202 the one or more unmatched orders(e.g., order 130 from first party 114 and/or order 132 from second party116) to execute trades of these bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each).

While the above example concerns bearer-for-currency unmatched orders,it is understood that this is for illustrative purposes only and is notintended to be a limitation of this disclosure, as other configurationsare possible and are considered to be within the scope of thisdisclosure. For example, the above-described unmatched orders mayinclude one or more of a bearer-for-bearer unmatched orders.Accordingly, first party 114 may be interested in trading Bitcoin tokensfor Ethereum tokens, while second party 116 may be interested in tradingEthereum tokens for Bitcoin tokens.

Referring to FIG. 4, trading platform process 10 may be configured toeffectuate a clearing platform (e.g., clearing platform 126).

Trading platform process 10 may further be configured to enable 250agent functionality for a plurality of clients (e.g., first party 114and second party 116) with respect to a Value Unit Repository (e.g.,value unit repository 112) and a plurality of custodial accounts definedtherein (e.g. trading account 118, transfer account 120, trading account122, and transfer account 124).

Continuing with the above-stated example in which trading platformprocess 10 matched 202 order 130 from first party 114 and order 132 fromsecond party 116 for a quantity of bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each), trading platform process 10 may receive252 a matched order concerning a first party and a second party (e.g.,matched order 134, which is the combination of order 130 from firstparty 114 and order 132 from second party 116).

Matched order 134 may concern a bearer financial asset, such as acryptocurrency; a fiat currency; and a physical asset. For example,matched order 134 may concern: a quantity of a cryptocurrency owned byfirst party 114 and a quantity of a fiat currency owned by second party116; a quantity of a cryptocurrency owned by first party 114 and aquantity of a precious metal owned by second party 116, and/or aquantity of a first cryptocurrency owned by first party 114 and aquantity of a second cryptocurrency owned by second party 116.

Trading platform process 10 may then effectuate 254 the clearing ofmatched order 132, which may include transferring 256 assets between afirst custodial account associated with first party 114 and a secondcustodial account associated with second party 116. Specifically andupon receiving 252 matched order 134, trading platform process 10:

-   -   may transfer 256 $400,000 (i.e., $4,000×100) from the trading        account (e.g., trading account 118) of first party 114 to the        trading account (e.g., trading account 122) of second party 116;        and    -   may transfer 256 100 Bitcoin tokens from the trading account        (e.g., trading account 122) of second party 116 to the trading        account (e.g., trading account 118) of first party 114.

When effectuating 254 the clearing of matched order 132, tradingplatform process 10 may send 258 one or more messages to the Value UnitRepository (e.g., value unit repository 112) to effectuate transferring256 assets between the first custodial account associated with firstparty 114 and the second custodial account associated with second party116. Accordingly, trading platform process 10:

-   -   may send 258 message 136 to value unit repository 112 requesting        the transfer of $400,000 (i.e., $4,000×100) from the trading        account (e.g., trading account 118) of first party 114 to the        trading account (e.g., trading account 122) of second party 116;        and    -   may send 258 message 138 to value unit repository 112 requesting        the transfer of 100 Bitcoin tokens from the trading account        (e.g., trading account 122) of second party 116 to the trading        account (e.g., trading account 118) of first party 114.

As discussed above, trading system 100 may be configured to includeand/or interface with a clearing & funding agent (e.g., clearing &funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly and when effectuating 254 theclearing of matched order 132, trading platform process 10:

-   -   may send message 140 to clearing & funding agent 128 so that        clearing & funding agent 128 may send 258 message 136 to value        unit repository 112 requesting the transfer of $400,000 (i.e.,        $4,000×100) from the trading account (e.g., trading account 118)        of first party 114 to the trading account (e.g., trading account        122) of second party 116; and    -   may send message 142 to clearing & funding agent 128 so that        clearing & funding agent 128 may send 258 message 138 to value        unit repository 112 requesting the transfer of 100 Bitcoin        tokens from the trading account (e.g., trading account 122) of        second party 116 to the trading account (e.g., trading account        118) of first party 114.

Referring to FIG. 5, trading platform process 10 may be configured toeffectuate a clearing platform (e.g., clearing platform 126).

As discussed above, trading platform process 10 may further beconfigured to enable 250 agent functionality for a plurality of clients(e.g., first party 114 and second party 116) with respect to a ValueUnit Repository (e.g., value unit repository 112) and a plurality ofcustodial accounts defined therein (e.g. trading account 118, transferaccount 120, trading account 122, and transfer account 124).

Trading platform process 10 may further be configured to receive 300 aplurality of matched orders concerning a plurality of parties (e.g.market participants 104), thus defining a batch of matched orders (e.g.,batch of matched orders 144). Batch of matched orders 144 may be a groupof orders that were matched amongst a plurality of parties (e.g. marketparticipants 104).

Trading platform process 10 may further be configured to effectuate 302the clearing of the batch of matched orders (e.g., batch of matchedorders 144), which may include performing 304 a netting operation todetermine a net asset amount for each of the plurality of parties (e.g.market participants 104). When effectuating 302 the clearing of thebatch of matched orders (e.g., batch of matched orders 144), tradingplatform process 10 may transfer 306 the net asset amount for each ofthe plurality of parties (e.g. market participants 104) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

For example, assume that the following unmatched orders were received200 by trading platform process 10:

Order # Party Order Type Asset Quantity Amount 1 Party 1 Sell Bitcoin100 $4,000 per 2 Party 2 Buy Bitcoin 100 $4,000 per 3 Party 3 SellBitcoin 50 $3,900 per 4 Party 1 Buy Bitcoin 50 $3,900 per 5 Party 4 SellBitcoin 200 $3,850 per 6 Party 1 Buy Bitcoin 200 $3,850 per

As discussed above, effectuating 302 the clearing of the batch ofmatched orders (e.g., batch of matched orders 144) may includeperforming 304 a netting operation to determine a net asset amount foreach of the plurality of parties (in this example, Parties 1-4).

As shown in the table above, the activity of Parties 1-4 is as follows:

-   -   For PARTY 1:        -   i. Bitcoin Activity: (sold 100)+(bought 50)+(bought 200) . .            . for a net result of +150 Bitcoin.        -   ii. USD Activity: (earned $400,000)+(spent $195,000)+(spent            $770,000) . . . for a net result of −$565,000.    -   For PARTY 2:        -   i. Bitcoin Activity: (bought 100) . . . for a net result of            +100 Bitcoin.        -   ii. USD Activity: (spent $400,000) . . . for a net result of            −$400,000.    -   For PARTY 3:        -   i. Bitcoin Activity: (sold 50) . . . for a net result of −50            Bitcoin.        -   ii. USD Activity: (earned $195,000) . . . for a net result            of +$195,000.    -   For PARTY 4:        -   i. Bitcoin Activity: (sold 200) . . . for a net result of            −200 Bitcoin.        -   ii. USD Activity: (earned $770,000) . . . for a net result            of +$770,000.

While in the above example, the system is described as performing 304 anetting operation on a comparatively limited number of parties (i.e.,Parties 1-4), this is for illustrative purposes only and is not intendedto be a limitation of this disclosure, as other configurations arepossible and are considered to be within the scope of this disclosure.Specifically and when performing 304 the netting operation, the nettingof each participant may be computed against ALL of the otherparticipants with whom the participant trades, examples of which mayinclude but are not limited to: the situation in which each participantof an ECN (e.g., ECN 108) trades with every other participant; and thesituation in which every participant (except the dealer) of an OCT(e.g., OCT 110) trades with only one participant (i.e., the dealer)while the dealer trades with every participant.

Continuing with the above-stated example and when performing 304 thenetting operation to determine a net asset amount for each of theplurality of parties (in this example, Parties 1-4), the followingamounts will be determined:

-   -   For PARTY 1:        -   i. Bitcoin Net Asset Amount: +150 Bitcoin.        -   ii. USD Net Asset Amount: −$565,000.    -   For PARTY 2:        -   i. Bitcoin Net Asset Amount: +100 Bitcoin.        -   ii. USD Net Asset Amount: −$400,000.    -   For PARTY 3:        -   i. Bitcoin Net Asset Amount: −50 Bitcoin.        -   ii. USD Net Asset Amount: +$195,000.    -   For PARTY 4:        -   i. Bitcoin Net Asset Amount: −200 Bitcoin.        -   ii. USD Net Asset Amount: +$770,000.

Once the above-described net asset amounts are determined, tradingplatform process 10 may transfer 306 the net asset amount for each ofthe plurality of parties (in this example, Parties 1-4) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

-   -   For PARTY 1: 150 Bitcoin will be transferred 306 into their        trading account while $565,000 will be transferred 306 out of        their trading account.    -   For PARTY 2: 100 Bitcoin will be transferred 306 into their        trading account while $400,000 will be transferred 306 out of        their trading account.    -   For PARTY 3: 50 Bitcoin will be transferred 306 out of their        trading account while $195,000 will be transferred 306 into        their trading account.    -   For PARTY 4: 200 Bitcoin will be transferred 306 out of their        trading account while $770,000 will be transferred 306 into        their trading account.

In the manner described above, when effectuating 302 the clearing of thebatch of matched orders (e.g., batch of matched orders 144), tradingplatform process 10 may send 308 one or more messages (such as message136 and/or message 138) to the Value Unit Repository (e.g., value unitrepository 112) to effectuate transferring the above-described net assetamount for each of the plurality of parties (in this example, Parties1-4) to a custodial account associated with each of the plurality ofparties (in this example, Parties 1-4).

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly and when effectuating 302 theclearing of the batch of matched orders (e.g., batch of matched orders144), trading platform process 10 may send one or more messages toclearing & funding agent 128 so that clearing & funding agent 128 maysend 308 one or more messages to value unit repository 112 requestingtransfer of the above-described net asset amounts.

Referring to FIG. 6, trading platform process 10 may be configured toeffectuate a clearing platform (e.g., clearing platform 126).

As discussed above, trading platform process 10 may further beconfigured to enable 250 agent functionality for a plurality of clients(e.g., first party 114 and second party 116) with respect to a ValueUnit Repository (e.g., value unit repository 112) and a plurality ofcustodial accounts defined therein (e.g. trading account 118, transferaccount 120, trading account 122, and transfer account 124).

In order to provide a more secure trading environment, trading platformprocess 10 may be configured to process encrypted information. In singlekey encryption systems, the same encryption key is used to encrypt &decrypt information. Unfortunately, if the content being encrypted isbeing provided to and decrypted by a third party, that third party wouldneed to have access to the encryption key (thus compromising the futureusefulness of the same). However and as is known in the art,private-key/public-key encryption systems address the shortcomings ofsuch single key systems. Specifically, private-key/public-key encryptionsystems utilize two keys: a private key that is maintained in confidenceby the owner and a public key that is freely available for use byanyone.

Further, data that is encrypted by either key is only decryptable by theother key. So if a piece of data is encrypted using a private key, thatencrypted data may only be decrypted using the associated public key.Conversely, if a piece of data is encrypted using a public key, thatencrypted data may only be decrypted using the associated private key.

So if Party A wanted to send data to Party B in a way so that the datais only readable by Party B, Party A may encrypt the data using thepublic key of Party B and then send the encrypted data to Party B,wherein Party B may then decrypt this encrypted data using the privatekey of Party B.

Further, if Party A wanted to send data to Party B in a way so that theorigin and/or integrity of the data is confirmable by Party B, Party Amay encrypt the data using the private key of Party A and then send this“digitally-signed” data to Party B, wherein Party B may then prove theorigin and/or integrity of this “digitally-signed” data by decrypting itusing the public key of Party A.

Assume for this example that trading platform process 10 may beconfigured to receive 350 a plurality of digitally-signed matched ordersconcerning a plurality of parties (e.g. market participants 104), thusdefining a batch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146). Batch of digitally-signed matchedorders 146 may be a group of orders that were matched amongst aplurality of parties (e.g. market participants 104).

Trading platform process 10 may further be configured to effectuate 352the clearing of the batch of digitally-signed matched orders (e.g.,batch of digitally-signed matched orders 146), which may includeperforming 354 a netting operation to determine a net asset amount foreach of the plurality of parties (e.g. market participants 104). Wheneffectuating 352 the clearing of the batch of digitally-signed matchedorders (e.g., batch of digitally-signed matched orders 146), tradingplatform process 10 may transfer 356 the net asset amount for each ofthe plurality of parties (e.g. market participants 104) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

For ease of illustration, assume that the same unmatched orders werereceived 200 by trading platform process 10:

Order # Party Order Type Asset Quantity Amount 1 Party 1 Sell Bitcoin100 $4,000 per 2 Party 2 Buy Bitcoin 100 $4,000 per 3 Party 3 SellBitcoin 50 $3,900 per 4 Party 1 Buy Bitcoin 50 $3,900 per 5 Party 4 SellBitcoin 200 $3,850 per 6 Party 1 Buy Bitcoin 200 $3,850 per

As discussed above, effectuating 352 the clearing of the batch ofdigitally-signed matched orders (e.g., batch of digitally-signed matchedorders 146) may include performing 354 a netting operation to determinea net asset amount for each of the plurality of parties (in thisexample, Parties 1-4).

As discussed above and when performing 354 the netting operation todetermine a net asset amount for each of the plurality of parties (inthis example, Parties 1-4), the following amounts will be determined:

-   -   For PARTY 1:        -   i. Bitcoin Net Asset Amount: +150 Bitcoin.        -   ii. USD Net Asset Amount: −$565,000.    -   For PARTY 2:        -   i. Bitcoin Net Asset Amount: +100 Bitcoin.        -   ii. USD Net Asset Amount: −$400,000.    -   For PARTY 3:        -   i. Bitcoin Net Asset Amount: −50 Bitcoin.        -   ii. USD Net Asset Amount: +$195,000.    -   For PARTY 4:        -   i. Bitcoin Net Asset Amount: −200 Bitcoin.        -   ii. USD Net Asset Amount: +$770,000.

Once the above-described net asset amounts are determined, tradingplatform process 10 may transfer 356 the net asset amount for each ofthe plurality of parties (in this example, Parties 1-4) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

-   -   For PARTY 1: 150 Bitcoin will be transferred 356 into their        trading account while $565,000 will be transferred 356 out of        their trading account.    -   For PARTY 2: 100 Bitcoin will be transferred 356 into their        trading account while $400,000 will be transferred 356 out of        their trading account.    -   For PARTY 3: 50 Bitcoin will be transferred 356 out of their        trading account while $195,000 will be transferred 356 into        their trading account.    -   For PARTY 4: 200 Bitcoin will be transferred 356 out of their        trading account while $770,000 will be transferred 356 into        their trading account.

In the manner described above, when effectuating 352 the clearing of thebatch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146), trading platform process 10 maysend 358 one or more messages (such as message 136 and/or message 138)to the Value Unit Repository (e.g., value unit repository 112) toeffectuate transferring the above-described net asset amount for each ofthe plurality of parties (in this example, Parties 1-4) to a custodialaccount associated with each of the plurality of parties (in thisexample, Parties 1-4).

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly and when effectuating 352 theclearing of the batch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146), trading platform process 10 maysend one or more messages to clearing & funding agent 128 so thatclearing & funding agent 128 may send 358 one or more messages to valueunit repository 112 requesting transfer of the above-described net assetamounts.

Further and when effectuating 352 the clearing of the batch ofdigitally-signed matched orders (e.g., batch of digitally-signed matchedorders 146), trading platform process 10 may confirm 360 the originand/or integrity of each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) prior to performing354 the above-described netting operation to determine the net assetamount for each of the plurality of parties (in this example, Parties1-4).

As discussed above, each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) may have beenencrypted using a private encryption key of a specific party associatedwith the batch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146). For example, each of the partiesassociated with an unmatched order may have digitally-signed theunmatched order at the time it was generated.Additionally/alternatively, once a pair of unmatched orders are matched,the entity matching the orders may digitally sign each of the matchedorders at the time it was generated. Additionally/alternatively, thebatch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146) may be digitally signed at the timethe batch was generated.

Accordingly, confirming 360 the origin and/or integrity of each of thebatch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146) prior to performing 354 theabove-described netting operation to determine a net asset amount foreach of the plurality of parties (in this example, Parties 1-4) mayinclude using 362 a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders (e.g.,batch of digitally-signed matched orders 146) to confirm the originand/or integrity of each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) prior to performing354 the above-described netting operation to determine the net assetamount for each of the plurality of parties (in this example, Parties1-4).

Referring to FIG. 7, trading platform process 10 may be configured toeffectuate a clearing platform (e.g., clearing platform 126).

As discussed above, trading platform process 10 may further beconfigured to enable 250 agent functionality for a plurality of clients(e.g., first party 114 and second party 116) with respect to a ValueUnit Repository (e.g., value unit repository 112) and a plurality ofcustodial accounts defined therein (e.g. trading account 118, transferaccount 120, trading account 122, and transfer account 124).

Assume for this example that trading platform process 10 may beconfigured to receive 400 a plurality of matched orders concerning aplurality of parties (e.g. market participants 104) from a distributedledgering system (e.g., distributed ledgering system 148), thus defininga batch of matched orders (e.g., batch of matched orders 144). Batch ofmatched orders 144 may be a group of orders that were matched amongst aplurality of parties (e.g. market participants 104). An example ofdistributed ledgering system 148 may include but is not limited to ablockchain distributed ledgering system. Accordingly, the batch ofmatched orders (e.g., batch of matched orders 144) may have beenpreviously memorialized upon distributed ledgering system 148.

Trading platform process 10 may further be configured to effectuate 402the clearing of the batch of matched orders (e.g., batch of matchedorders 144), which may include performing 404 a netting operation todetermine a net asset amount for each of the plurality of parties (e.g.market participants 104). When effectuating 402 the clearing of thebatch of matched orders (e.g., batch of matched orders 144), tradingplatform process 10 may transfer 406 the net asset amount for each ofthe plurality of parties (e.g. market participants 104) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

For ease of illustration, assume that the same unmatched orders werereceived 200 by trading platform process 10:

Order # Party Order Type Asset Quantity Amount 1 Party 1 Sell Bitcoin100 $4,000 per 2 Party 2 Buy Bitcoin 100 $4,000 per 3 Party 3 SellBitcoin 50 $3,900 per 4 Party 1 Buy Bitcoin 50 $3,900 per 5 Party 4 SellBitcoin 200 $3,850 per 6 Party 1 Buy Bitcoin 200 $3,850 per

As discussed above, effectuating 402 the clearing of the batch ofmatched orders (e.g., batch of matched orders 144) may includeperforming 404 a netting operation to determine a net asset amount foreach of the plurality of parties (in this example, Parties 1-4).

As discussed above and when performing 404 the netting operation todetermine a net asset amount for each of the plurality of parties (inthis example, Parties 1-4), the following amounts will be determined:

-   -   For PARTY 1:        -   i. Bitcoin Net Asset Amount: +150 Bitcoin.        -   ii. USD Net Asset Amount: −$565,000.    -   For PARTY 2:        -   i. Bitcoin Net Asset Amount: +100 Bitcoin.        -   ii. USD Net Asset Amount: −$400,000.    -   For PARTY 3:        -   i. Bitcoin Net Asset Amount: −50 Bitcoin.        -   ii. USD Net Asset Amount: +$195,000.    -   For PARTY 4:        -   i. Bitcoin Net Asset Amount: −200 Bitcoin.        -   ii. USD Net Asset Amount: +$770,000.

Once the above-described net asset amounts are determined, tradingplatform process 10 may transfer 406 the net asset amount for each ofthe plurality of parties (in this example, Parties 1-4) to a custodialaccount associated with each of the plurality of parties (e.g. marketparticipants 104).

-   -   For PARTY 1: 150 Bitcoin will be transferred 406 into their        trading account while $565,000 will be transferred 406 out of        their trading account.    -   For PARTY 2: 100 Bitcoin will be transferred 406 into their        trading account while $400,000 will be transferred 406 out of        their trading account.    -   For PARTY 3: 50 Bitcoin will be transferred 406 out of their        trading account while $195,000 will be transferred 406 into        their trading account.    -   For PARTY 4: 200 Bitcoin will be transferred 406 out of their        trading account while $770,000 will be transferred 406 into        their trading account.

In the manner described above, when effectuating 402 the clearing of thebatch of matched orders (e.g., batch of matched orders 144), tradingplatform process 10 may send 408 one or more messages (such as message136 and/or message 138) to the Value Unit Repository (e.g., value unitrepository 112) to effectuate transferring the above-described net assetamount for each of the plurality of parties (in this example, Parties1-4) to a custodial account associated with each of the plurality ofparties (in this example, Parties 1-4).

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly and when effectuating 402 theclearing of the batch of matched orders (e.g., batch of matched orders144), trading platform process 10 may send one or more messages toclearing & funding agent 128 so that clearing & funding agent 128 maysend 408 one or more messages to value unit repository 112 requestingtransfer of the above-described net asset amounts.

If the batch of matched orders (e.g., batch of matched orders 144) aredigitally-signed, when effectuating 402 the clearing of the batch ofmatched orders (e.g., batch of matched orders 144), trading platformprocess 10 may confirm 410 the origin and/or integrity of each of thebatch of matched orders (e.g., batch of matched orders 144) prior toperforming 404 the above-described netting operation to determine thenet asset amount for each of the plurality of parties (in this example,Parties 1-4).

If digitally-signed, each of the batch of matched orders (e.g., batch ofmatched orders 144) may have been encrypted using a private encryptionkey of a specific party associated with the batch of matched orders(e.g., batch of matched orders 144). Accordingly, confirming 410 theorigin and/or integrity of each of the batch of matched orders (e.g.,batch of matched orders 144) prior to performing 404 the above-describednetting operation to determine a net asset amount for each of theplurality of parties (in this example, Parties 1-4) may include using412 a public encryption key of the specific party associated with thebatch of matched orders (e.g., batch of matched orders 144) to confirmthe origin and/or integrity of each of the batch of matched orders(e.g., batch of matched orders 144) prior to performing 404 theabove-described netting operation to determine the net asset amount foreach of the plurality of parties (in this example, Parties 1-4).

Referring to FIG. 8, trading platform process 10 may be configured toeffectuate a clearing platform (e.g., clearing platform 126).

As discussed above, trading platform process 10 may further beconfigured to enable 250 agent functionality for a plurality of clients(e.g., first party 114 and second party 116) with respect to a ValueUnit Repository (e.g., value unit repository 112) and a plurality ofcustodial accounts defined therein (e.g. trading account 118, transferaccount 120, trading account 122, and transfer account 124).

Assume for this example that trading platform process 10 may beconfigured to receive 450 a plurality of digitally-signed matched ordersconcerning a plurality of parties (e.g. market participants 104), thusdefining a batch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146). Batch of digitally-signed matchedorders 146 may be a group of orders that were matched amongst aplurality of parties (e.g. market participants 104).

Trading platform process 10 may further be configured to effectuate 452the clearing of the batch of digitally-signed matched orders (e.g.,batch of digitally-signed matched orders 146), which may includeperforming 454 a netting operation to determine a net asset amount foreach of the plurality of parties (e.g. market participants 104). Wheneffectuating 452 the clearing of the batch of digitally-signed matchedorders (e.g., batch of digitally-signed matched orders 146), tradingplatform process 10 may seek 456 multi-party approval to transferringthe net asset amount for each of the plurality of parties (e.g. marketparticipants 104) to a custodial account associated with each of theplurality of parties (e.g. market participants 104).

If such multi-party approval is received, trading platform process 10may transfer 458 the net asset amount for each of the plurality ofparties (e.g. market participants 104) to a custodial account associatedwith each of the plurality of parties (e.g. market participants 104).

For ease of illustration, assume that the same unmatched orders werereceived 200 by trading platform process 10:

Order # Party Order Type Asset Quantity Amount 1 Party 1 Sell Bitcoin100 $4,000 per 2 Party 2 Buy Bitcoin 100 $4,000 per 3 Party 3 SellBitcoin 50 $3,900 per 4 Party 1 Buy Bitcoin 50 $3,900 per 5 Party 4 SellBitcoin 200 $3,850 per 6 Party 1 Buy Bitcoin 200 $3,850 per

As discussed above, effectuating 452 the clearing of the batch ofdigitally-signed matched orders (e.g., batch of digitally-signed matchedorders 146) may include performing 454 a netting operation to determinea net asset amount for each of the plurality of parties (in thisexample, Parties 1-4).

As discussed above and when performing 454 the netting operation todetermine a net asset amount for each of the plurality of parties (inthis example, Parties 1-4), the following amounts will be determined:

-   -   For PARTY 1:        -   i. Bitcoin Net Asset Amount: +150 Bitcoin.        -   ii. USD Net Asset Amount: −$565,000.    -   For PARTY 2:        -   i. Bitcoin Net Asset Amount: +100 Bitcoin.        -   ii. USD Net Asset Amount: −$400,000.    -   For PARTY 3:        -   i. Bitcoin Net Asset Amount: −50 Bitcoin.        -   ii. USD Net Asset Amount: +$195,000.    -   For PARTY 4:        -   i. Bitcoin Net Asset Amount: −200 Bitcoin.        -   ii. USD Net Asset Amount: +$770,000.

Once the above-described net asset amounts are determined, tradingplatform process 10 may seek 456 multi-party approval to transfer thenet asset amount for each of the plurality of parties (e.g. marketparticipants 104) to a custodial account associated with each of theplurality of parties (e.g. market participants 104).

For example and in order to provide a higher level of security, tradingplatform process 10 may seek 456 approval from a plurality of parties.As discussed above, trading system 100 may be configured to includeand/or interface with a clearing & funding agent (e.g., clearing &funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly, trading platform process 10 mayseek 456 approval from such a clearing & funding agent (e.g., clearing &funding agent 128). Additionally/alternatively, trading platform process10 may seek 456 approval from the appropriate trading platform (e.g. oneor more of trading platforms 106). Further still, trading platformprocess 10 may seek 456 approval from one or more of the plurality ofparties (e.g. market participants 104). For example, the owner of acustodial account defined within value unit repository 112 may berequired to provide authorization prior to assets being transferred into(and/or transferred out of) the subject custodial account.

Assuming such multi-party approval is received, trading platform process10 may transfer 458 the net asset amount for each of the plurality ofparties (in this example, Parties 1-4) to a custodial account associatedwith each of the plurality of parties (e.g. market participants 104).

-   -   For PARTY 1: 150 Bitcoin will be transferred 458 into their        trading account while $565,000 will be transferred 458 out of        their trading account.    -   For PARTY 2: 100 Bitcoin will be transferred 458 into their        trading account while $400,000 will be transferred 458 out of        their trading account.    -   For PARTY 3: 50 Bitcoin will be transferred 458 out of their        trading account while $195,000 will be transferred 458 into        their trading account.    -   For PARTY 4: 200 Bitcoin will be transferred 458 out of their        trading account while $770,000 will be transferred 458 into        their trading account.

In the manner described above, when effectuating 452 the clearing of thebatch of digitally-signed matched orders (e.g., batch ofdigitally-signed matched orders 146), trading platform process 10 maysend 460 one or more messages (such as message 136 and/or message 138)to the Value Unit Repository (e.g., value unit repository 112) toeffectuate transferring the above-described net asset amount for each ofthe plurality of parties (in this example, Parties 1-4) to a custodialaccount associated with each of the plurality of parties (in thisexample, Parties 1-4).

Further and when effectuating 452 the clearing of the batch ofdigitally-signed matched orders (e.g., batch of digitally-signed matchedorders 146), trading platform process 10 may send one or more messagesto clearing & funding agent 128 so that clearing & funding agent 128 maysend 460 one or more messages to value unit repository 112 requestingtransfer of the above-described net asset amounts.

Further and when effectuating 452 the clearing of the batch ofdigitally-signed matched orders (e.g., batch of digitally-signed matchedorders 146), trading platform process 10 may confirm 462 the originand/or integrity of each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) prior to performing454 the above-described netting operation to determine the net assetamount for each of the plurality of parties (in this example, Parties1-4).

Continuing with the above-stated example, confirming 462 the originand/or integrity of each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) prior to performing454 the above-described netting operation to determine a net assetamount for each of the plurality of parties (in this example, Parties1-4) may include using 464 a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders (e.g.,batch of digitally-signed matched orders 146) to confirm the originand/or integrity of each of the batch of digitally-signed matched orders(e.g., batch of digitally-signed matched orders 146) prior to performing454 the above-described netting operation to determine the net assetamount for each of the plurality of parties (in this example, Parties1-4).

Referring to FIG. 9, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

Continuing with the above-stated example in which trading platformprocess 10 matched order 130 from first party 114 and order 132 fromsecond party 116 for a quantity of bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each), trading platform process 10 may receive252 a matched order concerning a first party and a second party (e.g.,matched order 134, which is the combination of order 130 from firstparty 114 and order 132 from second party 116).

As discussed above, matched order 134 may concern a bearer financialasset, such as a cryptocurrency; a fiat currency; and a physical asset.For example, matched order 134 may concern: a quantity of acryptocurrency owned by first party 114 and a quantity of a fiatcurrency owned by second party 116; a quantity of a cryptocurrency ownedby first party 114 and a quantity of a precious metal owned by secondparty 116, and/or a quantity of a first cryptocurrency owned by firstparty 114 and a quantity of a second cryptocurrency owned by secondparty 116.

Trading platform process 10 may then effectuate 500 the processing ofthe matched order (e.g., matched order 134) including: sending 502 via arequesting entity one or more messages (such as message 136 and/ormessage 138) to atomically effectuate transferring assets between afirst custodial account (e.g., trading account 118) associated withfirst party 114 and a second custodial account (e.g., trading account122) associated with second party 116.

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly, one example of theabove-described requesting entity (for sending message 136 and/ormessage 138) may include but is not limited to the clearing & fundingagent (e.g., clearing & funding agent 128).

Specifically and with respect to message 136 and/or message 138 sent 502by the requesting entity (e.g., clearing & funding agent 128), suchmessages may request the atomic transferring of assets as follows:

-   -   that $400,000 (i.e., $4,000×100) be transferred from the trading        account (e.g., trading account 118) of first party 114 to the        trading account (e.g., trading account 122) of second party 116;        and    -   that 100 Bitcoin tokens be transferred from the trading account        (e.g., trading account 122) of second party 116 to the trading        account (e.g., trading account 118) of first party 114.

When effectuating 500 the processing of the matched order (e.g., matchedorder 134), trading platform process 10 may seek 504 higher-levelapproval to confirm that the requesting entity (e.g., clearing & fundingagent 128) has the authority required to send 502 the one or moremessages (e.g., message 136 and/or message 138) to atomically effectuatetransferring assets between the first custodial account (e.g., tradingaccount 118) associated with first party 114 and the second custodialaccount (e.g., trading account 122) associated with second party 116.

For example, if the requesting entity was not clearing & funding agent128 but was ECN 108, trading platform process 10 may seek 504higher-level approval from e.g., clearing & funding agent 128 to confirmthat the requesting entity (e.g., ECN 108) has the authority required tosend 502 the one or more messages (e.g., message 136 and/or message 138)to atomically effectuate transferring assets between the first custodialaccount (e.g., trading account 118) associated with first party 114 andthe second custodial account (e.g., trading account 122) associated withsecond party 116.

In the event that the requesting entity has the authority required tosend 502 e.g., message 136 and/or message 138, trading platform process10 may atomically transfer:

-   -   $400,000 (i.e., $4,000×100) from the trading account (e.g.,        trading account 118) of first party 114 to the trading account        (e.g., trading account 122) of second party 116; and    -   −100 Bitcoin tokens from the trading account (e.g., trading        account 122) of second party 116 to the trading account (e.g.,        trading account 118) of first party 114.

Referring to FIG. 10, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

Continuing with the above-stated example, trading platform process 10may receive 300 a plurality of matched orders concerning a plurality ofparties (e.g. market participants 104), thus defining a batch of matchedorders (e.g., batch of matched orders 144).

As discussed above, batch of matched orders 144 may concern a bearerfinancial asset, such as a cryptocurrency; a fiat currency; and aphysical asset. For example, batch of matched orders 144 may concern: aquantity of a cryptocurrency owned by first party 114 and a quantity ofa fiat currency owned by second party 116; a quantity of acryptocurrency owned by first party 114 and a quantity of a preciousmetal owned by second party 116, and/or a quantity of a firstcryptocurrency owned by first party 114 and a quantity of a secondcryptocurrency owned by second party 116.

Trading platform process 10 may then effectuate 550 the processing ofthe batch of matched orders (e.g., batch of matched orders 144)including sending 552 via a requesting entity one or more messages (suchas message 136 and/or message 138) to atomically effectuate transferringassets between a plurality of custodial accounts associated with theplurality of parties (in this example, Parties 1-4).

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly, one example of theabove-described requesting entity (for sending message 136 and/ormessage 138) may include but is not limited to the clearing & fundingagent (e.g., clearing & funding agent 128).

Continuing with the above-stated example and with respect to message 136and/or message 138 sent 552 by the requesting entity (e.g., clearing &funding agent 128), such messages may request the atomic transferring ofassets as follows:

-   -   For PARTY 1: that 150 Bitcoin be transferred into their trading        account while $565,000 be transferred out of their trading        account.    -   For PARTY 2: that 100 Bitcoin be transferred into their trading        account while $400,000 be transferred out of their trading        account.    -   For PARTY 3: that 50 Bitcoin be transferred out of their trading        account while $195,000 be transferred into their trading        account.    -   For PARTY 4: that 200 Bitcoin be transferred out of their        trading account while $770,000 be transferred into their trading        account.

When effectuating 550 the processing of the batch of matched orders(e.g., batch of matched orders 144), trading platform process 10 mayseek 554 higher-level approval to confirm that the requesting entity(e.g., clearing & funding agent 128) has the authority required to send552 the one or more messages (e.g., message 136 and/or message 138) toatomically effectuate transferring assets between a plurality ofcustodial accounts associated with the plurality of parties (in thisexample, Parties 1-4).

For example, if the requesting entity was not clearing & funding agent128 but was ECN 108, trading platform process 10 may seek 554higher-level approval from e.g., clearing & funding agent 128 to confirmthat the requesting entity (e.g., ECN 108) has the authority required tosend 552 the one or more messages (e.g., message 136 and/or message 138)to atomically effectuate transferring assets between a plurality ofcustodial accounts associated with the plurality of parties (in thisexample, Parties 1-4).

In the event that the requesting entity has the authority required tosend 552 e.g., message 136 and/or message 138, trading platform process10 may perform 556 a netting operation (as discussed above) to determinea net asset amount for each of the plurality of parties (in thisexample, Parties 1-4) and trading platform process 10 may atomicallytransfer:

-   -   For PARTY 1: 150 Bitcoin into their trading account and $565,000        out of their trading account.    -   For PARTY 2: 100 Bitcoin into their trading account and $400,000        out of their trading account.    -   For PARTY 3: 50 Bitcoin out of their trading account and        $195,000 into their trading account.    -   For PARTY 4: 200 Bitcoin out of their trading account and        $770,000 into their trading account.

Further and when effectuating 550 the processing of the batch of matchedorders (e.g., batch of matched orders 144), trading platform process 10may confirm 558 the origin and/or integrity of each of the batch ofmatched orders (e.g., batch of matched orders 144) prior to sending 552via the requesting entity one or more messages (e.g., message 136 and/ormessage 138) to atomically effectuate transferring assets between theplurality of custodial accounts associated with the plurality of parties(in this example, Parties 1-4).

As discussed above, each of the batch of matched orders (e.g., batch ofmatched orders 144) may have been encrypted using a private encryptionkey of a specific party associated with the batch of matched orders(e.g., batch of matched orders 144). In such a situation, a publicencryption key of the specific party associated with the batch ofmatched orders (e.g., batch of matched orders 144) may be used toconfirm the origin and/or integrity of each of the batch of matchedorders (e.g., batch of matched orders 144) prior to sending 552 via therequesting entity one or more messages (e.g., message 136 and/or message138) to atomically effectuate transferring assets between the pluralityof custodial accounts associated with the plurality of parties (in thisexample, Parties 1-4),

Referring to FIG. 11, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

Continuing with the above-stated example, trading platform process 10may receive 300 a plurality of matched orders concerning a plurality ofparties (e.g. market participants 104), thus defining a batch of matchedorders (e.g., batch of matched orders 144).

As discussed above, batch of matched orders 144 may concern a bearerfinancial asset, such as a cryptocurrency; a fiat currency; and aphysical asset. For example, batch of matched orders 144 may concern: aquantity of a cryptocurrency owned by first party 114 and a quantity ofa fiat currency owned by second party 116; a quantity of acryptocurrency owned by first party 114 and a quantity of a preciousmetal owned by second party 116, and/or a quantity of a firstcryptocurrency owned by first party 114 and a quantity of a secondcryptocurrency owned by second party 116.

Trading platform process 10 may then effectuate 600 the processing ofthe batch of matched orders (e.g., batch of matched orders 144)including performing 602 a netting operation (as discussed above) todetermine a net asset amount for each of the plurality of parties (inthis example, Parties 1-4).

When effectuating 600 the processing of the batch of matched orders(e.g., batch of matched orders 144), trading platform process 10 maysend 604 via a requesting entity one or more messages (such as message136 and/or message 138) to atomically effectuate transferring assetsbetween a plurality of custodial accounts associated with the pluralityof parties (in this example, Parties 1-4).

Again and as discussed above, trading system 100 may be configured toinclude and/or interface with a clearing & funding agent (e.g., clearing& funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 to act as an agent for clearing platform 126and/or the various accounts defined within value unit repository 112(e.g. trading account 118, transfer account 120, trading account 122,and transfer account 124). Accordingly, one example of theabove-described requesting entity (for sending message 136 and/ormessage 138) may include but is not limited to the clearing & fundingagent (e.g., clearing & funding agent 128).

Continuing with the above-stated example and with respect to message 136and/or message 138 sent 604 by the requesting entity (e.g., clearing &funding agent 128), such messages may request the atomic transferring ofassets as follows:

-   -   For PARTY 1: that 150 Bitcoin be transferred into their trading        account while $565,000 be transferred out of their trading        account.    -   For PARTY 2: that 100 Bitcoin be transferred into their trading        account while $400,000 be transferred out of their trading        account.    -   For PARTY 3: that 50 Bitcoin be transferred out of their trading        account while $195,000 be transferred into their trading        account.    -   For PARTY 4: that 200 Bitcoin be transferred out of their        trading account while $770,000 be transferred into their trading        account.

When effectuating 600 the processing of the batch of matched orders(e.g., batch of matched orders 144), trading platform process 10 mayseek 606 higher-level approval to confirm that the requesting entity(e.g., clearing & funding agent 128) has the authority required to send604 the one or more messages (e.g., message 136 and/or message 138) toatomically effectuate transferring assets between a plurality ofcustodial accounts associated with the plurality of parties (in thisexample, Parties 1-4).

For example, if the requesting entity was not clearing & funding agent128 but was ECN 108, trading platform process 10 may seek 606higher-level approval from e.g., clearing & funding agent 128 to confirmthat the requesting entity (e.g., ECN 108) has the authority required tosend 604 the one or more messages (e.g., message 136 and/or message 138)to atomically effectuate transferring assets between a plurality ofcustodial accounts associated with the plurality of parties (in thisexample, Parties 1-4).

In the event that the requesting entity has the authority required tosend 604 e.g., message 136 and/or message 138, trading platform process10 may atomically transfer:

-   -   For PARTY 1: 150 Bitcoin into their trading account and $565,000        out of their trading account.    -   For PARTY 2: 100 Bitcoin into their trading account and $400,000        out of their trading account.    -   For PARTY 3: 50 Bitcoin out of their trading account and        $195,000 into their trading account.    -   For PARTY 4: 200 Bitcoin out of their trading account and        $770,000 into their trading account.

Further and when effectuating 600 the processing of the batch of matchedorders (e.g., batch of matched orders 144), trading platform process 10may confirm 608 the origin and/or integrity of each of the batch ofmatched orders (e.g., batch of matched orders 144) prior to sending 604via the requesting entity one or more messages (e.g., message 136 and/ormessage 138) to atomically effectuate transferring assets between theplurality of custodial accounts associated with the plurality of parties(in this example, Parties 1-4).

As discussed above, each of the batch of matched orders (e.g., batch ofmatched orders 144) may have been encrypted using a private encryptionkey of a specific party associated with the batch of matched orders(e.g., batch of matched orders 144). In such a situation, a publicencryption key of the specific party associated with the batch ofmatched orders (e.g., batch of matched orders 144) may be used toconfirm 608 the origin and/or integrity of each of the batch of matchedorders (e.g., batch of matched orders 144) prior to sending 604 via therequesting entity one or more messages (e.g., message 136 and/or message138) to atomically effectuate transferring assets between the pluralityof custodial accounts associated with the plurality of parties (in thisexample, Parties 1-4).

Referring to FIG. 12, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

Continuing with the above-stated example in which trading platformprocess 10 matched order 130 from first party 114 and order 132 fromsecond party 116 for a quantity of bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each), trading platform process 10 may receive252 a matched order concerning a first party and a second party (e.g.,matched order 134, which is the combination of order 130 from firstparty 114 and order 132 from second party 116).

As discussed above, matched order 134 may concern a bearer financialasset, such as a cryptocurrency; a fiat currency; and a physical asset.For example, matched order 134 may concern: a quantity of acryptocurrency owned by first party 114 and a quantity of a fiatcurrency owned by second party 116; a quantity of a cryptocurrency ownedby first party 114 and a quantity of a precious metal owned by secondparty 116, and/or a quantity of a first cryptocurrency owned by firstparty 114 and a quantity of a second cryptocurrency owned by secondparty 116.

Trading platform process 10 may then effectuate 650 the processing ofthe matched order (e.g., matched order 134) including sending 652 one ormore messages (such as message 136 and/or message 138) to atomicallyeffectuate transferring assets between a first custodial account (e.g.,trading account 118) associated with first party 114 and a secondcustodial account (e.g., trading account 122) associated with secondparty 116.

As discussed above, the first custodial account (e.g., trading account118) and the second custodial account (e.g., trading account 122) may bedefined within a Value Unit Repository (e.g., value unit repository112), wherein examples of value unit repository 112 may include but arenot limited to a qualified custodian (e.g. a third-party configured tostore assets 102); a bank (e.g. a traditional commercial bank configuredto store assets 102); a trust company (e.g. a traditional trust companyconfigured to store assets 102); a digital asset wallet (e.g. a softwareservice that may use cryptography configured to store assets 102); adealer (e.g. a traditional securities dealer configured to store assets106); and a broker/dealer (e.g. a traditional broker/dealer configuredto store assets 102). As discussed above, Value Unit Repository (e.g.,value unit repository 112) may be configured to enable the transfer ofassets between a first custodial account (e.g., trading account 118)associated with first party 114 and a second custodial account (e.g.,trading account 122) associated with second party 116.

When effectuating 650 the processing of the matched order (e.g., matchedorder 134), trading platform process 10 may anonymize 654 the identityof one or more of first party 114 and second party 116. For example,anonymizing 654 the identity of one or more of first party 114 andsecond party 116 may result in one or more of: first party 114 notknowing the identity of second party 116; second party 116 not knowingthe identity of first party 114; and the general public not knowing theidentity of first party 114 or second party 116.

In prior art/traditional systems, a prime broker (e.g., a clearingentity) may have provided anonymity for the parties to a transaction bylisting themselves as the acting parties. So if a first client had anaccount through Citibank and a second client had an account throughBarclays, the trade may be listed as having occurred between Barclaysand Citibank (thus providing anonymity for the actual owners of theassets). However and in this embodiment, trading platform process 10 mayanonymize 654 the identity of the parties of a trade by executing thetrade without reporting the names of the parties to the trade. While theidentities of the parties of the trade are known to value unitrepository 112 (as required by law), this information is not provided tothe general public.

Referring to FIG. 13, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to interfacewith one or more value unit repositories (e.g., value unit repository112), examples of which may include but are not limited to a qualifiedcustodian (e.g. a third-party configured to store assets 102); a bank(e.g. a traditional commercial bank configured to store assets 102); atrust company (e.g. a traditional trust company configured to storeassets 102); a digital asset wallet (e.g. a software service that mayuse cryptography configured to store assets 102); a dealer (e.g. atraditional securities dealer configured to store assets 106); and abroker/dealer (e.g. a traditional broker/dealer configured to storeassets 102). As also discussed above, value unit repository 112 mayinclude transfer accounts (e.g. transfer account 120 and/or transferaccount 124) and trading accounts (e.g. trading account 118 and/ortrading account 122).

Trading platform process 10 may be configured to receive 700 balanceinformation (e.g., balance information 150) from a Value Unit Repository(e.g., value unit repository 112) to maintain local balance datastore152. For example, balance information 150 may define the balancesassociated within each of the transfer accounts (e.g. transfer account120 and/or transfer account 124) and each of the trading accounts (e.g.trading account 118 and/or trading account 122).

As discussed above, matched orders may concern a bearer financial asset,such as a cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g.,US Dollars); and a physical asset (e.g., ounces of gold). Accordingly,the balance information (e.g., balance information 150) and the localbalance datastore (e.g., local balance datastore 152) concerning thetrading accounts (e.g. trading account 118 and/or trading account 122)and the transfer accounts (e.g. transfer account 120 and/or transferaccount 124) may define a plurality of quantities, such as a quantity ofcryptocurrency (e.g., the number of Bitcoin tokens included within anaccount); a quantity of fiat currency (e.g., the number of US Dollarsincluded within an account); a quantity of precious metals (e.g., thenumber of ounces of gold included within an account); and a quantity ofanother unit of value.

Continuing with the above-stated example in which trading platformprocess 10 matched order 130 from first party 114 and order 132 fromsecond party 116 for a quantity of bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each), trading platform process 10 may receive252 a matched order concerning a plurality of parties (e.g., matchedorder 134, which is the combination of order 130 from first party 114and order 132 from second party 116).

Further, trading platform process 10 may confirm 702 that one or morebalances defined within local balance datastore 152 and associated withthe plurality of parties (e.g., first party 114 and second party 116)are sufficient to execute the matched order (e.g., matched order 134).

Specifically and in order for matched order 134 to be successfullyprocessed/executed by trading platform process 10: a) $400,000 (i.e.,$4,000×100) needs to be in trading account 118 (of first party 114) sothat it may be transferred to trading account 122 (of second party 116);and 100 Bitcoin tokens need to be in trading account 122 (of secondparty 116) so that they may be transferred to trading account 118 (offirst party 114).

Accordingly and when confirming 702 that one or more balances definedwithin local balance datastore 152 and associated with the plurality ofparties (e.g., first party 114 and second party 116) are sufficient toexecute the matched order (e.g., matched order 134), trading platformprocess 10 may confirm 702 that trading account 118 has a balance of$400,000 and that trading account 122 has a balance of 100 Bitcointokens.

Trading platform process 10 may authorize 704 the execution of matchedorder 134 if the one or more balances defined within local balancedatastore 152 and associated with the plurality of parties (e.g., firstparty 114 and second party 116) are sufficient to execute matched order134. Specifically, trading platform process 10 may authorize 704 theexecution of matched order 134 if trading account 118 has a balance ofat least $400,000 and trading account 122 has a balance of at least 100Bitcoin tokens.

Conversely, trading platform process 10 may reject 706 the execution ofmatched order 134 if the one or more balances defined within localbalance datastore 152 and associated with the plurality of parties(e.g., first party 114 and second party 116) are insufficient to executematched order 134. Specifically, trading platform process 10 may reject706 the execution of matched order 134 if trading account 118 has abalance of less than $400,000 and/or trading account 122 has a balanceof less than 100 Bitcoin tokens.

As discussed above, trading system 100 may be configured to includeand/or interface with one or more trading platforms (e.g. tradingplatforms 106), examples of which may include but are not limited to oneor more Electronic Communications (or Crossing) Networks (e.g., ECNs108) and/or one or more Over-the-Counter Platforms (e.g., OTCs 110).Typically, trading platforms 106 (e.g., ECNs 108 and/or OTCs 110) shutdown at (or sometime after) the close of the trading day and restart at(or sometime prior to) the open of the next trading day. Accordingly,trading platform process 10 may monitor 708 the ElectronicCommunications Network (e.g., ECNs 108) to determine if the ElectronicCommunications Network (e.g., ECNs 108) has been restarted. If it isdetermined that the Electronic Communications Network (e.g., ECNs 108)has been restarted, trading platform process 10 may receive 710 currentbalance information (e.g., balance information 150′) from the Value UnitRepository (e.g., value unit repository 112) so that local balancedatastore 152 may be updated.

Referring to FIG. 14, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to interfacewith one or more value unit repositories (e.g., value unit repository112), examples of which may include but are not limited to a qualifiedcustodian (e.g. a third-party configured to store assets 102); a bank(e.g. a traditional commercial bank configured to store assets 102); atrust company (e.g. a traditional trust company configured to storeassets 102); a digital asset wallet (e.g. a software service that mayuse cryptography configured to store assets 102); a dealer (e.g. atraditional securities dealer configured to store assets 106); and abroker/dealer (e.g. a traditional broker/dealer configured to storeassets 102). As also discussed above, value unit repository 112 mayinclude transfer accounts (e.g. transfer account 120 and/or transferaccount 124) and trading accounts (e.g. trading account 118 and/ortrading account 122).

Trading platform process 10 may be configured to maintain 750 localbalance datastore 152 with balance information (e.g., balanceinformation 150) received from a Value Unit Repository (e.g., value unitrepository 112). For example, balance information 150 may define thebalances associated with each of the transfer accounts (e.g. transferaccount 120 and/or transfer account 124) and each of the tradingaccounts (e.g. trading account 118 and/or trading account 122).

As discussed above, matched orders may concern a bearer financial asset,such as a cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g.,US Dollars); and a physical asset (e.g., ounces of gold). Accordingly,the balance information (e.g., balance information 150) and the localbalance datastore (e.g., local balance datastore 152) concerning thetrading accounts (e.g. trading account 118 and/or trading account 122)and the transfer accounts (e.g. transfer account 120 and/or transferaccount 124) may define a plurality of quantities, such as a quantity ofcryptocurrency (e.g., the number of Bitcoin tokens included within anaccount); a quantity of fiat currency (e.g., the number of US Dollarsincluded within an account); a quantity of precious metals (e.g., thenumber of ounces of gold included within an account); and a quantity ofanother unit of value.

Continuing with the above-stated example in which trading platformprocess 10 matched order 130 from first party 114 and order 132 fromsecond party 116 for a quantity of bearer financial assets (e.g. 100Bitcoin tokens at $4,000 each), trading platform process 10 may receive252 a matched order concerning a plurality of parties (e.g., matchedorder 134, which is the combination of order 130 from first party 114and order 132 from second party 116).

Further, trading platform process 10 may confirm 752 that one or morebalances defined within local balance datastore 152 and associated withthe plurality of parties (e.g., first party 114 and second party 116)are sufficient to execute the matched order (e.g., matched order 134).

Specifically and in order for matched order 134 to be successfullyprocessed/executed by trading platform process 10: a) $400,000 (i.e.,$4,000×100) needs to be in trading account 118 (of first party 114) sothat it may be transferred to trading account 122 (of second party 116);and 100 Bitcoin tokens need to be in trading account 122 (of secondparty 116) so that they may be transferred to trading account 118 (offirst party 114).

Accordingly and when confirming 752 that one or more balances definedwithin local balance datastore 152 and associated with the plurality ofparties (e.g., first party 114 and second party 116) are sufficient toexecute the matched order (e.g., matched order 134), trading platformprocess 10 may confirm 752 that trading account 118 has a balance of atleast $400,000 and that trading account 122 has a balance of at least100 Bitcoin tokens.

If confirmed 752, trading platform process 10 may execute 754 matchedorder 134 concerning the plurality of parties (e.g., first party 114 andsecond party 116) and may update 756 one or more balances defined withinlocal balance datastore 152 and associated with the plurality of parties(e.g., first party 114 and second party 116) to reflect the execution754 of matched order 134.

For example, assume that trading platform process 10 confirms 752 thattrading account 118 has a balance of $500,000 and zero Bitcoin tokensand that trading account 122 has a balance of 200 Bitcoin tokens andzero US Dollars. Accordingly, trading platform process 10 may execute754 matched order 134 concerning the plurality of parties (e.g., firstparty 114 and second party 116) and may update 756 the one or morebalances defined within local balance datastore 152 and associated withthe plurality of parties (e.g., first party 114 and second party 116) toreflect the execution 754 of matched order 134 as follows: tradingaccount 118 will have a new balance of $100,000 and 100 Bitcoin tokensand trading account 122 will have a new balance of 100 Bitcoin tokensand $400.000.

When updating 756 one or more balances defined within local balancedatastore 152 and associated with the plurality of parties (e.g., firstparty 114 and second party 116) to reflect the execution of matchedorder 134, trading platform process 10 may increment 758 and/or maydecrement 760 one or more balances defined within local balancedatastore 152 and associated with the plurality of parties (e.g., firstparty 114 and second party 116) to reflect the execution of the matchedorder.

For example and continuing with the above-stated example in whichtrading platform process 10 confirms 752 that trading account 118 has abalance of $500,000 and zero Bitcoin tokens and that trading account 122has a balance of 200 Bitcoin tokens and zero US Dollars, tradingplatform process 10 may:

-   -   decrement 760 trading account 118 by $400,000;    -   increment 758 trading account 118 by 100 Bitcoin tokens;    -   decrement 760 trading account 122 by 100 Bitcoin tokens; and    -   increment 758 trading account 122 by $400,000.

Since (as discussed above), trading platforms 106 (e.g., ECNs 108 and/orOTCs 110) may shut down at (or sometime after) the close of the tradingday and restart at (or sometime prior to) the open of the next tradingday, trading platform process 10 may receive 762 current balanceinformation (e.g., balance information 150′) from the Value UnitRepository (e.g., value unit repository 112) so that local balancedatastore 152 may be updated.

Referring to FIG. 15, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to interfacewith one or more value unit repositories (e.g., value unit repository112), examples of which may include but are not limited to a qualifiedcustodian (e.g. a third-party configured to store assets 102); a bank(e.g. a traditional commercial bank configured to store assets 102); atrust company (e.g. a traditional trust company configured to storeassets 102); a digital asset wallet (e.g. a software service that mayuse cryptography configured to store assets 102); a dealer (e.g. atraditional securities dealer configured to store assets 106); and abroker/dealer (e.g. a traditional broker/dealer configured to storeassets 102). As also discussed above, value unit repository 112 mayinclude transfer accounts (e.g. transfer account 120 and/or transferaccount 124) and trading accounts (e.g. trading account 118 and/ortrading account 122).

As discussed above, trading system 100 may be configured to maintainlocal balance datastore 152 with balance information (e.g., balanceinformation 150) received from a Value Unit Repository (e.g., value unitrepository 112). For example, balance information 150 may define thebalances associated with each of the transfer accounts (e.g. transferaccount 120 and/or transfer account 124) and each of the tradingaccounts (e.g. trading account 118 and/or trading account 122).

As discussed above, matched orders may concern a bearer financial asset,such as a cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g.,US Dollars); and a physical asset (e.g., ounces of gold). Accordingly,the balance information (e.g., balance information 150) and the localbalance datastore (e.g., local balance datastore 152) concerning thetrading accounts (e.g. trading account 118 and/or trading account 122)and the transfer accounts (e.g. transfer account 120 and/or transferaccount 124) may define a plurality of quantities, such as a quantity ofcryptocurrency (e.g., the number of Bitcoin tokens included within anaccount); a quantity of fiat currency (e.g., the number of US Dollarsincluded within an account); a quantity of precious metals (e.g., thenumber of ounces of gold included within an account); and a quantity ofanother unit of value.

As discussed above, transfer accounts (e.g. transfer account 120 and/ortransfer account 124) may be configured so that they are clientaccessible, wherein the owner of such account (e.g. first party 114 andsecond party 116 respectively) may be allowed to freely move assets intoand/or out of such transfer accounts (with some restrictions); whiletrading accounts (e.g. trading account 118 and/or trading account 122)may be configured so that they are client inaccessible, wherein theowner of such account (e.g., first party 114 and second party 116respectively) may not be allowed to freely move assets into and/or outof such trading accounts (with some restrictions). During normal use ofsuch accounts, it may be desirable to transfer assets between suchaccounts.

Trading platform process 10 may be configured to receive 802 a transferrequest (e.g., transfer request 154) concerning transferring assets froma client-inaccessible trading account (e.g. trading account 118 ortrading account 122) to a client-accessible transfer account (e.g.transfer account 120 or transfer account 124). Upon receiving 802 such atransfer request (e.g., transfer request 154), trading platform process10 may access 804 local balance datastore 152 to determine if a balanceassociated with the client-inaccessible trading account (e.g. tradingaccount 118 or trading account 122) is sufficient to effectuate thetransfer request (e.g., transfer request 154).

Assume for this example that transfer request 154 received 802 concernstransferring assets (e.g., $100,000) from a client-inaccessible tradingaccount (e.g. trading account 118) to a client-accessible transferaccount (e.g. transfer account 120). Accordingly, trading platformprocess 10 may access 804 local balance datastore 152 to determine if abalance associated with trading account 118 is sufficient to effectuatethe transfer request (e.g., transfer request 154).

Trading platform process 10 may authorize 806 the transfer request(e.g., transfer request 154) if the balance associated with theclient-inaccessible trading account (e.g. trading account 118) issufficient to effectuate the transfer request (e.g., transfer request154). Accordingly and for this example, if the balance associated withthe client-inaccessible trading account (e.g. trading account 118) is atleast $100,000, trading platform process 10 may authorize 806 thetransfer request (e.g., transfer request 154).

If authorized 806, trading platform process 10 may decrement 808 thebalance associated with the client-inaccessible trading account (e.g.trading account 118) and/or increment 810 a balance associated with theclient-accessible transfer account (e.g. transfer account 120).Accordingly and continuing with the above-stated example, tradingplatform process 10 may decrement 808 the balance associated with theclient-inaccessible trading account (e.g. trading account 118) by$100,000 and increment 810 a balance associated with theclient-accessible transfer account (e.g. transfer account 120) by$100,000.

Trading platform process 10 may reject 812 the transfer request (e.g.,transfer request 154) if the balance associated with theclient-inaccessible trading account (e.g. trading account 118) isinsufficient to effectuate the transfer request (e.g., transfer request154). Accordingly and for this example, if the balance associated withthe client-inaccessible trading account (e.g. trading account 118) isless than $100,000, trading platform process 10 may reject 812 thetransfer request (e.g., transfer request 154).

Referring to FIG. 16, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to interfacewith one or more value unit repositories (e.g., value unit repository112), examples of which may include but are not limited to a qualifiedcustodian (e.g. a third-party configured to store assets 102); a bank(e.g. a traditional commercial bank configured to store assets 102); atrust company (e.g. a traditional trust company configured to storeassets 102); a digital asset wallet (e.g. a software service that mayuse cryptography configured to store assets 102); a dealer (e.g. atraditional securities dealer configured to store assets 106); and abroker/dealer (e.g. a traditional broker/dealer configured to storeassets 102). As also discussed above, value unit repository 112 mayinclude transfer accounts (e.g. transfer account 120 and/or transferaccount 124) and trading accounts (e.g. trading account 118 and/ortrading account 122).

As discussed above, trading platform process 10 may be configured tomaintain local balance datastore 152 with balance information (e.g.,balance information 150) received from a Value Unit Repository (e.g.,value unit repository 112). For example, balance information 150 maydefine the balances associated with each of the transfer accounts (e.g.transfer account 120 and/or transfer account 124) and each of thetrading accounts (e.g. trading account 118 and/or trading account 122).

As discussed above, matched orders may concern a bearer financial asset,such as a cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g.,US Dollars); and a physical asset (e.g., ounces of gold). Accordingly,the balance information (e.g., balance information 150) and the localbalance datastore (e.g., local balance datastore 152) concerning thetrading accounts (e.g. trading account 118 and/or trading account 122)and the transfer accounts (e.g. transfer account 120 and/or transferaccount 124) may define a plurality of quantities, such as a quantity ofcryptocurrency (e.g., the number of Bitcoin tokens included within anaccount); a quantity of fiat currency (e.g., the number of US Dollarsincluded within an account); a quantity of precious metals (e.g., thenumber of ounces of gold included within an account); and a quantity ofanother unit of value.

As discussed above, transfer accounts (e.g. transfer account 120 and/ortransfer account 124) may be configured so that they are clientaccessible, wherein the owner of such account (e.g. first party 114 andsecond party 116 respectively) may be allowed to freely move assets intoand/or out of such transfer accounts (with some restrictions); whiletrading accounts (e.g. trading account 118 and/or trading account 122)may be configured so that they are client inaccessible, wherein theowner of such account (e.g., first party 114 and second party 116respectively) may not be allowed to freely move assets into and/or outof such trading accounts (with some restrictions). During normal use ofsuch accounts, it may be desirable to transfer assets between suchaccounts.

Trading platform process 10 may be configured to receive 852 a transferrequest (e.g., transfer request 154) concerning transferring assets froma client-accessible transfer account (e.g. transfer account 120 ortransfer account 124) to a client-inaccessible trading account (e.g.trading account 118 or trading account 122). Upon receiving 852 such atransfer request (e.g., transfer request 154), trading platform process10 may access 854 local balance datastore 152 to determine if a balanceassociated with the client-accessible transfer account (e.g. transferaccount 120 or transfer account 124) is sufficient to effectuate thetransfer request (e.g., transfer request 154).

Assume for this example that transfer request 154 received 852 concernstransferring assets (e.g., $100,000) from a client-accessible transferaccount (e.g. transfer account 120) to a client-inaccessible tradingaccount (e.g. trading account 118). Accordingly, trading platformprocess 10 may access 854 local balance datastore 152 to determine if abalance associated with transfer account 120 is sufficient to effectuatethe transfer request (e.g., transfer request 154).

Trading platform process 10 may authorize 856 the transfer request(e.g., transfer request 154) if the balance associated with theclient-accessible transfer account (e.g. transfer account 120) issufficient to effectuate the transfer request (e.g., transfer request154). Accordingly and for this example, if the balance associated withthe client-accessible transfer account (e.g. transfer account 120) is atleast $100,000, trading platform process 10 may authorize 856 thetransfer request (e.g., transfer request 154).

If authorized 856, trading platform process 10 may decrement 858 thebalance associated with the client-accessible transfer account (e.g.transfer account 120) and/or increment 860 the balance associated withthe client-inaccessible trading account (e.g. trading account 118).Accordingly and continuing with the above-stated example, tradingplatform process 10 may decrement 858 the balance associated with theclient-accessible transfer account (e.g. transfer account 120) by$100,000 and increment 860 a balance associated with theclient-inaccessible trading account (e.g. trading account 118) by$100,000.

Trading platform process 10 may reject 862 the transfer request (e.g.,transfer request 154) if the balance associated with theclient-accessible transfer account (e.g. transfer account 120) isinsufficient to effectuate the transfer request (e.g., transfer request154). Accordingly and for this example, if the balance associated withthe client-accessible transfer account (e.g. transfer account 120) isless than $100,000, trading platform process 10 may reject 862 thetransfer request (e.g., transfer request 154).

Referring to FIG. 17, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to includeand/or interface with one or more trading platforms (e.g. tradingplatforms 106), examples of which may include but are not limited to oneor more Electronic Communications (or Crossing) Networks (e.g., ECNs108) and/or one or more Over-the-Counter Platforms (e.g., OTCs 110).

In the event that trading system 100 includes multiple trading platforms(e.g. ECN 108 and OTC 110), trading system 100 may be configured tointerface with a separate value unit repository for each tradingplatform. For example, value unit repository 112 may be configured tointerface with ECN 108 and define trading accounts and/or transferaccounts for use with ECN 108 so that trades may be effectuated on ECN108. Further, value unit repository 156 may be configured to interfacewith OCT 110 and define trading accounts and/or transfer accounts foruse with OCT 110 so that trades may be effectuated on OCT 110.

As discussed above, examples of the one or more value unit repositories(e.g., value unit repository 112, 156) may include but are not limitedto: a qualified custodian (e.g. a third-party configured to store assets102); a bank (e.g. a traditional commercial bank configured to storeassets 102); a trust company (e.g. a traditional trust companyconfigured to store assets 102); a digital asset wallet (e.g. a softwareservice that may use cryptography configured to store assets 102); adealer (e.g. a traditional securities dealer configured to store assets106); and a broker/dealer (e.g. a traditional broker/dealer configuredto store assets 102).

Trading platform process 10 may be configured to maintain 900 a firstlocal balance datastore (e.g., local balance datastore 152) concerning afirst trading platform (e.g., ECN 108). The first local balancedatastore (e.g., local balance datastore 152) may be maintained 900 withbalance information received from value unit repository 112.

Trading platform process 10 may be configured to maintain 902 at least asecond local balance datastore (e.g., local balance datastore 158)concerning at least a second trading platform (e.g., OTC 110). The atleast a second local balance datastore (e.g., local balance datastore158) may be maintained 902 with balance information received from valueunit repository 156.

Trading platform process 10 may enable 904 a user (e.g., one or more ofusers 36, 38, 40, 42) to allocate assets between a first user accountdefined within the first local balance datastore (e.g., local balancedatastore 152) and at least a second user account defined within the atleast a second local balance datastore (e.g., local balance datastore158).

When enabling 904 a user (e.g., one or more of users 36, 38, 40, 42) toallocate assets between a first user account defined within the firstlocal balance datastore (e.g., local balance datastore 152) and at leasta second user account defined within the at least a second local balancedatastore (e.g., local balance datastore 158), trading platform process10 may be configured perform one or more of the following operations:

-   -   enabling 906 the user (e.g., one or more of users 36, 38, 40,        42) to move assets into/out of a first user account defined        within the first local balance datastore (e.g., local balance        datastore 152). For example, trading platform process 10 may be        configured to enable 906 user 36 to move $1,000,000 into/out of        a first user account defined within the first local balance        datastore (e.g., local balance datastore 152).    -   enabling 908 the user (e.g., one or more of users 36, 38, 40,        42) to move assets into/out of the at least a second user        account defined within the at least a second local balance        datastore (e.g., local balance datastore 158). For example,        trading platform process 10 may be configured to enable 908 user        36 to move $1,000,000 into/out of the at least a second user        account defined within the at least a second local balance        datastore (e.g., local balance datastore 158).    -   enabling 910 the user (e.g., one or more of users 36, 38, 40,        42) to move assets between the first user account defined within        the first local balance datastore (e.g., local balance datastore        152) and the at least a second user account defined within the        at least a second local balance datastore (e.g., local balance        datastore 158). For example, trading platform process 10 may be        configured to enable 910 user 36 to move $1,000,000 from a first        user account defined within the first local balance datastore        (e.g., local balance datastore 152) to at least a second user        account defined within the at least a second local balance        datastore (e.g., local balance datastore 158).

Referring to FIG. 18, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to includeand/or interface with one or more trading platforms (e.g. tradingplatforms 106), examples of which may include but are not limited to oneor more Electronic Communications (or Crossing) Networks (e.g., ECNs108) and/or one or more Over-the-Counter Platforms (e.g., OTCs 110).

Further and as discussed above, in the event that trading system 100includes multiple trading platforms (e.g. ECN 108 and OTC 110), tradingsystem 100 may be configured to interface with a separate value unitrepository for each trading platform. For example, value unit repository112 may be configured to interface with ECN 108 and define tradingaccounts and/or transfer accounts for use with ECN 108 so that tradesmay be effectuated on ECN 108. Further, value unit repository 156 may beconfigured to interface with OCT 110 and define trading accounts and/ortransfer accounts for use with OCT 110 so that trades may be effectuatedon OCT 110.

As discussed above, examples of the one or more value unit repositories(e.g., value unit repository 112, 156) may include but are not limitedto: a qualified custodian (e.g. a third-party configured to store assets102); a bank (e.g. a traditional commercial bank configured to storeassets 102); a trust company (e.g. a traditional trust companyconfigured to store assets 102); a digital asset wallet (e.g. a softwareservice that may use cryptography configured to store assets 102); adealer (e.g. a traditional securities dealer configured to store assets106); and a broker/dealer (e.g. a traditional broker/dealer configuredto store assets 102).

As discussed above, trading system 100 may be configured to includeand/or interface with a clearing & funding agent (e.g., clearing &funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 (e.g. ECN 108 and OTC 110) to act as an agent forclearing platform 126 and/or the various accounts defined within valueunit repository 112.

Accordingly, trading platform process 10 may be configured to enable 950agent functionality for a plurality of clients (e.g., first party 114and second party 116) with respect to a first Value Unit Repository(e.g., value unit repository 112), thus enabling e.g., ECN 108 toeffectuate trades using assets stored in trading accounts defined withinvalue unit repository 112.

Further, trading platform process 10 may be configured to enable 952agent functionality for a plurality of clients (e.g., first party 114and second party 116) with respect to at least a second Value UnitRepository (e.g., value unit repository 156), thus enabling e.g., OTC110 to effectuate trades using assets stored in trading accounts definedwithin value unit repository 156.

Trading platform process 10 may be configured to enable 954 the firstValue Unit Repository (e.g., value unit repository 112) and the at leasta second Value Unit Repository (e.g., value unit repository 156) toeffectuate the transfer of bearer financial assets (e.g. assets 102)between the first Value Unit Repository (e.g., value unit repository112) and the at least a second Value Unit Repository (e.g., value unitrepository 156). Examples of such bearer financial assets (e.g. assets102) may include but are not limited to bearer financial assets (e.g. aquantity of a cryptocurrency, a quantity of a fiat currency, and/or aquantity of a physical asset).

When enabling 954 the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156) to effectuate the transfer of bearerfinancial assets (e.g. assets 102) between the first Value UnitRepository (e.g., value unit repository 112) and the at least a secondValue Unit Repository (e.g., value unit repository 156); tradingplatform process 10 may enable 956 the first Value Unit Repository(e.g., value unit repository 112) and the at least a second Value UnitRepository (e.g., value unit repository 156) to indirectly communicate.

Enabling 956 the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156) to indirectly communicate may includeenabling 958 the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156) to indirectly transfer the bearer financialassets (e.g., assets 102) via a clearing platform (e.g., clearingplatform 102). For example, bearer financial assets (e.g., assets 102)may be indirectly transferred using trading system 100 as anintermediary.

When enabling 954 the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156) to effectuate the transfer of bearerfinancial assets (e.g. assets 102) between the first Value UnitRepository (e.g., value unit repository 112) and the at least a secondValue Unit Repository (e.g., value unit repository 156); tradingplatform process 10 may enable 960 the first Value Unit Repository(e.g., value unit repository 112) and the at least a second Value UnitRepository (e.g., value unit repository 156) to directly communicate.

Enabling 960 the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156) to directly communicate may include enabling962 the first Value Unit Repository (e.g., value unit repository 112)and the at least a second Value Unit Repository (e.g., value unitrepository 156) to directly transfer the bearer financial assets (e.g.,assets 102) via a clearing platform (e.g., clearing platform 102). Forexample, bearer financial assets (e.g., assets 102) may be directlytransferred without using trading system 100 as an intermediary.

Referring to FIG. 19, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, trading system 100 may be configured to includeand/or interface with one or more trading platforms (e.g. tradingplatforms 106), examples of which may include but are not limited to oneor more Electronic Communications (or Crossing) Networks (e.g., ECNs108) and/or one or more Over-the-Counter Platforms (e.g., OTCs 110).

Further and as discussed above, in the event that trading system 100includes multiple trading platforms (e.g. ECN 108 and OTC 110), tradingsystem 100 may be configured to interface with a separate value unitrepository for each trading platform. For example, value unit repository112 may be configured to interface with ECN 108 and define tradingaccounts and/or transfer accounts for use with ECN 108 so that tradesmay be effectuated on ECN 108. Further, value unit repository 156 may beconfigured to interface with OCT 110 and define trading accounts and/ortransfer accounts for use with OCT 110 so that trades may be effectuatedon OCT 110.

As discussed above, examples of the one or more value unit repositories(e.g., value unit repository 112, 156) may include but are not limitedto: a qualified custodian (e.g. a third-party configured to store assets102); a bank (e.g. a traditional commercial bank configured to storeassets 102); a trust company (e.g. a traditional trust companyconfigured to store assets 102); a digital asset wallet (e.g. a softwareservice that may use cryptography configured to store assets 102); adealer (e.g. a traditional securities dealer configured to store assets106); and a broker/dealer (e.g. a traditional broker/dealer configuredto store assets 102).

As discussed above, trading system 100 may be configured to includeand/or interface with a clearing & funding agent (e.g., clearing &funding agent 128) to enable trading system 100 and/or one or more oftrading platforms 106 (e.g. ECN 108 and OTC 110) to act as an agent forclearing platform 126 and/or the various accounts defined within valueunit repository 112.

Accordingly, trading platform process 10 may be configured to enable1000 agent functionality for a plurality of clients (e.g., first party114 and second party 116) with respect to a first Value Unit Repository(e.g., value unit repository 112), thus enabling e.g., ECN 108 toeffectuate trades using assets stored in trading accounts defined withinvalue unit repository 112.

Further, trading platform process 10 may be configured to enable 1002agent functionality for a plurality of clients (e.g., first party 114and second party 116) with respect to at least a second Value UnitRepository (e.g., value unit repository 156), thus enabling e.g., OTC110 to effectuate trades using assets stored in trading accounts definedwithin value unit repository 156.

Trading platform process 10 may be configured to enable 1004 the firstValue Unit Repository (e.g., value unit repository 112) and the at leasta second Value Unit Repository (e.g., value unit repository 156) tocommunicate (either directly or indirectly).

Trading platform process 10 may further be configured to effectuate 1006the transfer of bearer financial assets (e.g., assets 102) between thefirst Value Unit Repository (e.g., value unit repository 112) and the atleast a second Value Unit Repository (e.g., value unit repository 156).Examples of such bearer financial assets (e.g. assets 102) may includebut are not limited to bearer financial assets (e.g. a quantity of acryptocurrency, a quantity of a fiat currency, and or a quantity of aphysical asset).

When effectuating 1006 the transfer of bearer financial assets (e.g.,assets 102) between the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156), trading platform process 10 may enable 1008the first Value Unit Repository (e.g., value unit repository 112) andthe at least a second Value Unit Repository (e.g., value unit repository156) to indirectly transfer the bearer financial assets (e.g., assets102) via a clearing platform (e.g., clearing platform 102). For example,bearer financial assets (e.g., assets 102) may be indirectly transferredusing trading system 100 as an intermediary.

When effectuating 1006 the transfer of bearer financial assets (e.g.,assets 102) between the first Value Unit Repository (e.g., value unitrepository 112) and the at least a second Value Unit Repository (e.g.,value unit repository 156), trading platform process 10 may enable 1010the first Value Unit Repository (e.g., value unit repository 112) andthe at least a second Value Unit Repository (e.g., value unit repository156) to directly transfer the bearer financial assets (e.g., assets 102)via a clearing platform (e.g., clearing platform 102). For example,bearer financial assets (e.g., assets 102) may be directly transferredwithout using trading system 100 as an intermediary.

Referring to FIG. 20, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, value unit repository 112 may include transferaccounts (e.g. transfer account 120 and/or transfer account 124) andtrading accounts (e.g. trading account 118 and/or trading account 122),wherein these accounts may be used to store various types of assets(e.g., assets 102), examples of which may include but are not limited toa cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g., USDollars); and a physical asset (e.g., ounces of gold).

While the trading accounts (e.g. trading account 118 and/or tradingaccount 122) are described above as being configured for a singleclient, this is for illustrative purposes only and is not intended to bea limitation of this disclosure, as other configuration are possible andare considered to be within the scope of this disclosure.

For example, trading platform process 10 may be configured to maintain1050 an omnibus (multi-client) cryptocurrency trading wallet (e.g.,multi-client trading wallet 160) for a plurality of clients (e.g., firstparty 114 and second party 116). This omnibus (multi-client)cryptocurrency trading wallet (e.g., multi-client trading wallet 160)may be a client-inaccessible omnibus (multi-client) cryptocurrencytrading wallet.

Additionally, trading platform process 10 may be configured to maintain1052 a segregated (individual-client) cryptocurrency transfer wallet foreach of the plurality of clients (e.g., first party 114 and second party116), thus defining a plurality of segregated (individual-client)cryptocurrency transfer wallets (e.g., plurality of individual-clienttransfer wallets 162). This segregated (individual-client)cryptocurrency transfer wallet (e.g., each of the plurality ofindividual-client transfer wallets 162) may be a client-accessible,segregated (individual-client) cryptocurrency transfer wallet.

Trading platform process 10 may require 1054 approval for alltransactions from an approval authority. For example, any and alltransactions that occur within the omnibus (multi-client) cryptocurrencytrading wallet (e.g., multi-client trading wallet 160) or any of thesegregated (individual-client) cryptocurrency transfer wallets (e.g.,any of plurality of individual-client transfer wallets 162) may require1054 approval from an approval authority. Examples of such an approvalauthority may include but not limited to one or more of: a clearinghouse; a clearing & funding agent; a value unit repository; and atrusted third party.

Additionally and to provide an enhanced level of security, tradingplatform process 10 may require 1056 approval for transactions withinany of the segregated (individual-client) cryptocurrency transferwallets (e.g., any of the plurality of individual-client transferwallets 162) from a related client chosen from the plurality of clients(e.g., first party 114 and second party 116). For example, if a specificsegregated (individual-client) cryptocurrency transfer wallet (e.g.,included within the plurality of individual-client transfer wallets 162)is owned by first party 114, first party 114 may need to approve alltransactions concerning that specific segregated (individual-client)cryptocurrency transfer wallet.

Referring to FIG. 21, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, value unit repository 112 may include transferaccounts (e.g. transfer account 120 and/or transfer account 124) andtrading accounts (e.g. trading account 118 and/or trading account 122),wherein these accounts may be used to store various types of assets(e.g., assets 102), examples of which may include but are not limited toa cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g., USDollars); and a physical asset (e.g., ounces of gold).

Trading platform process 10 may be configured to maintain 1100 acryptocurrency trading wallet (e.g., multi-client trading wallet 160)for a client (e.g., first party 114) and maintain 1102 a cryptocurrencytransfer wallet (e.g., any of the plurality of individual-clienttransfer wallets 162) for the client (e.g., first party 114). Thecryptocurrency trading wallet (e.g., multi-client trading wallet 160)may be configured to enable batch write operations to a distributedledgering system (e.g., distributed ledgering system 148) associatedwith the cryptocurrency trading wallet (e.g., multi-client tradingwallet 160), thus mitigating the expense and/or delay associated withperforming a high volume of individual write operations to distributedledgering system 148. An example of distributed ledgering system 148 mayinclude but is not limited to a blockchain distributed ledgering system.

As discussed above, the cryptocurrency trading wallet (e.g.,multi-client trading wallet 160) may be an omnibus (multi-client)cryptocurrency trading wallet for a plurality of clients (e.g., firstparty 114 and second party 116). This cryptocurrency trading wallet(e.g., multi-client trading wallet 160) may be a client-inaccessiblecryptocurrency trading wallet.

Further, the cryptocurrency transfer wallet (e.g., any of the pluralityof individual-client transfer wallets 162) may be a segregated(individual-client) cryptocurrency transfer wallet. The cryptocurrencytransfer wallet (e.g., any of the plurality of individual-clienttransfer wallets 162) may be a client-accessible cryptocurrency transferwallet.

Trading platform process 10 may require 1104 approval for alltransactions from an approval authority. For example, any and alltransactions that occur within the cryptocurrency trading wallet (e.g.,multi-client trading wallet 160) or any of the cryptocurrency transferwallets (e.g., any of the plurality of individual-client transferwallets 162) may require 1104 approval from an approval authority.Examples of such an approval authority may include but not limited toone or more of: a clearing house; a clearing & funding agent; a valueunit repository; and a trusted third party.

Additionally and to provide an enhanced level of security, tradingplatform process 10 may require 1106 approval for transactions withinany of the cryptocurrency transfer wallets (e.g., any of the pluralityof individual-client transfer wallets 162) from a related client chosenfrom the plurality of clients (e.g., first party 114 and second party116). For example, if a specific cryptocurrency transfer wallet (e.g.,included within the plurality of individual-client transfer wallets 162)is owned by first party 114, first party 114 may need to approve alltransactions concerning that specific cryptocurrency transfer wallet.

Referring to FIG. 22, trading platform process 10 may be configured toeffectuate a trading platform (e.g., one or more of trading platforms106).

As discussed above, value unit repository 112 may include transferaccounts (e.g. transfer account 120 and/or transfer account 124) andtrading accounts (e.g. trading account 118 and/or trading account 122),wherein these accounts may be used to store various types of assets(e.g., assets 102), examples of which may include but are not limited toa cryptocurrency (e.g., Bitcoin tokens); a fiat currency (e.g., USDollars); and a physical asset (e.g., ounces of gold).

Trading platform process 10 may be configured to maintain 1150 acryptocurrency transfer wallet (e.g., any of the plurality ofindividual-client transfer wallets 162) for a client (e.g., first party114) that requires adherence to a first-level security protocol; andmaintain 1152 a cryptocurrency trading wallet (e.g., multi-clienttrading wallet 160) for the client (e.g., first party 114) that requiresadherence to a second-level security protocol.

As discussed above, the cryptocurrency trading wallet (e.g.,multi-client trading wallet 160) may be an omnibus (multi-client)cryptocurrency trading wallet for a plurality of clients (e.g., firstparty 114 and second party 116). This cryptocurrency trading wallet(e.g., multi-client trading wallet 160) may be a client-inaccessiblecryptocurrency trading wallet.

Further, the cryptocurrency transfer wallet (e.g., any of the pluralityof individual-client transfer wallets 162) may be a segregated(individual-client) cryptocurrency transfer wallet. The cryptocurrencytransfer wallet (e.g., any of the plurality of individual-clienttransfer wallets 162) may be a client-accessible cryptocurrency transferwallet.

Trading platform process 10 may require 1154 approval for alltransactions from an approval authority. For example, any and alltransactions that occur within the cryptocurrency trading wallet (e.g.,multi-client trading wallet 160) or any of the cryptocurrency transferwallets (e.g., any of the plurality of individual-client transferwallets 162) may require 1154 approval from an approval authority.Examples of such an approval authority may include but not limited toone or more of: a clearing house; a clearing & funding agent; a valueunit repository; and a trusted third party.

Additionally and to provide an enhanced level of security, tradingplatform process 10 may require approval for transactions within any ofthe cryptocurrency transfer wallets (e.g., any of the plurality ofindividual-client transfer wallets 162) from a related client chosenfrom the plurality of clients (e.g., first party 114 and second party116). For example, if a specific cryptocurrency transfer wallet (e.g.,included within the plurality of individual-client transfer wallets 162)is owned by first party 114, first party 114 may need to approve alltransactions concerning that specific cryptocurrency transfer wallet.However, trading platform process 10 may not require related clientapproval for transactions that occur within the cryptocurrency tradingwallet (e.g., multi-client trading wallet 160).

Trading platform process 10 may require the cryptocurrency transferwallet (e.g., any of the plurality of individual-client transfer wallets162) to adhere to a first-level security protocol and require thecryptocurrency trading wallet (e.g., multi-client trading wallet 160) toadhere to the second-level security protocol. Accordingly, such a firstlevel security protocol may require client approval of transactionswithin the cryptocurrency transfer wallet (e.g., any of the plurality ofindividual-client transfer wallets 162), while such a second levelsecurity protocol may not require client approval of transactions withinthe cryptocurrency trading wallet (e.g., multi-client trading wallet160).

Referring to FIG. 23, trading platform process 10 may be configured toeffectuate a custodial platform (e.g., third party platform 1200) thatmay be configured to hold assets (e.g., a fiat currency and/or acryptocurrency) for use as collateral for trades by a market participant(e.g., first party 114) on a trading platform (e.g. trading platform106).

Through the use of such a custodial platform (e.g., third party platform1200), the assets of a market participant (e.g., first party 114) may bebetter protected than in a more traditional system in which such assetsare held by the trading platform itself. For example and through such aconfiguration, the assets of the market participant (e.g., first party114) may be protected from unethical/illegal behavior (e.g., due tounauthorized use of such assets by the trading platform) and fromeconomic failure (e.g., due to the financial collapse of a tradingplatform).

Referring also to FIG. 24, trading platform process 10 may receive 1250general collateral assets (e.g. assets 102), examples of which mayinclude but are not limited to a quantity of a cyptocurrency, a quantityof a fiat currency, and/or a quantity of a physical asset. Generalcollateral assets (e.g. assets 102) may be received 1250 from a firstmarket participant (e.g., first party 114) for use within a tradingplatform (e.g., OTC 110). Specifically, general collateral assets (e.g.assets 102) may function as collateral and may enable the first marketparticipant (e.g., first party 114) to effectuate trades within thetrading platform (e.g., OTC 110).

Trading platform process 10 may store 1252 the general collateral assets(e.g. assets 102) within a trading platform account (e.g., participantplatform-specific trading account 1202) managed by the third partyplatform (e.g., third party platform 1200) and associated with thetrading platform (e.g., OTC 110). For example, the third party platform(e.g., third party platform 1200) may store 1252 the general collateralassets (e.g. assets 102) within the trading platform account (e.g.,participant platform-specific trading account 1202) for use by the firstmarket participant (e.g., first party 114) when making trades within thetrading platform (e.g., OTC 110). The general collateral assets (e.g.assets 102) may be received via a main account (e.g., participant mainaccount 1204) controlled by the first market participant (e.g., firstparty 114).

Trading platform process 10 may collateralize 1254 matched ordersbetween the first market participant (e.g., first party 114) and thetrading platform (e.g., OTC 110) with the general collateral assets(e.g. assets 102). Accordingly, the general collateral assets (e.g.assets 102) may be securely stored by trading platform process 10 withinthe third party platform (e.g., third party platform 1200) for use bythe first market participant (e.g., first party 114) as collateral fortrades within the trading platform (e.g., OTC 110).

The third party platform (e.g., third party platform 1200) may includemanagement entity 1206 and storage entity 1208. Storage entity 1208 mayperform the above-describe storage functionality, while managemententity 1206 may manage the storage space, providing functionality suchas e.g., enabling access to (and reviewing of) the general collateralassets (e.g. assets 102). Accordingly, trading platform process 10 mayenable 1256 the first market participant (e.g., first party 114) toreview the content of the trading platform account (e.g., participantplatform-specific trading account 1202). Therefore, trading platformprocess 10 may enable 1256 the first market participant (e.g., firstparty 114) to determine the value of the general collateral assets (e.g.assets 102) included within the trading platform account (e.g.,participant platform-specific trading account 1202).

Further, trading platform process 10 may enable 1258 the tradingplatform (e.g., OTC 110) to review the content of the trading platformaccount (e.g., participant platform-specific trading account 1202).Therefore, trading platform process 10 may enable 1258 the tradingplatform (e.g., OTC 110) to determine the value of the generalcollateral assets (e.g. assets 102) included within the trading platformaccount (e.g., participant platform-specific trading account 1202) sothat e.g., the trading platform (e.g., OTC 110) may determine the amountof trading credit to extend to the first market participant (e.g., firstparty 114). For example, if the first market participant (e.g., firstparty 114) provides $5,000,000 in general collateral assets (e.g. assets102), the trading platform (e.g., OTC 110) may extend $10,000,000 oftrading credit to the first market participant (e.g., first party 114).

Trading platform process 10 may effectuate 1260 a plurality of matchedorders (e.g., batch of matched orders 144) between the first marketparticipant (e.g., first party 114) and the trading platform (e.g., OTC110), wherein this plurality of matched orders (e.g., batch of matchedorders 144) may be executed on the trading platform (e.g., OTC 110) inthe manner described above.

Continuing with the example in which the first market participant (e.g.,first party 114) provides $5,000,000 in general collateral assets (e.g.assets 102) and the trading platform (e.g., OTC 110) extends $10,000,000of trading credit: the first market participant (e.g., first party 114)may have up to $10,000,000 of their trades matched and executed by thetrading platform (e.g., OTC 110) as trading platform process 10effectuates 1260 these $10,000,000 in trades by storing 1252 the$5,000,000 in general collateral assets (e.g. assets 102) tocollateralize 1254 the $10,000,000 in matched orders between the firstmarket participant (e.g., first party 114) and the trading platform(e.g., OTC 110).

Periodically (e.g., hourly, daily, weekly), trading platform process 10may effectuate 1262 a net settlement operation with respect to theplurality of matched orders (e.g., batch of matched orders 144) betweenthe first market participant (e.g., first party 114) and the tradingplatform (e.g., OTC 110), wherein this net settlement operation may beeffectuated by the third party platform (e.g., third party platform1200). For example, if this settlement operation is performed weekly and(during that week) the first market participant (e.g., first party 114)purchased 2,000 bitcoin tokens at $4,000 each, the trading platformaccount (e.g., participant platform-specific trading account 1202) ofthe first market participant (e.g., first party 114) may include the$5,000,000 in general collateral assets (e.g. assets 102), the 2,000bitcoin tokens that were purchased, and an outstanding debt of$8,000,000 (which was collateralized 1254 by the $5,000,000 in generalcollateral assets).

At this point in time, trading platform process 10 may effectuate 1262the net settlement operation that would require the first marketparticipant (e.g., first party 114) to “settle up” with the tradingplatform (e.g., OTC 110) by providing the trading platform (e.g., OTC110) with $8,000,000 in assets. In the event that the first marketparticipant (e.g., first party 114) fails to “settle up” with thetrading platform (e.g., OTC 110), the first market participant (e.g.,first party 114) may forfeit the $5,000,000 in general collateralassets) to the trading platform (e.g., OTC 110) to partially settletheir outstanding debt.

When effectuating 1262 the net settlement operation between the firstmarket participant (e.g., first party 114) and the trading platform(e.g., OTC 110) with respect to the plurality of matched orders (e.g.,batch of matched orders 144), trading platform process 10 may effectuate1264 a net settlement operation with respect to the plurality of matchedorders (e.g., batch of matched orders 144) between the first marketparticipant (e.g., first party 114), the trading platform (e.g., OTC110), and at least a second market participant (e.g., second party 116).

Continuing with the above-stated example in which the first marketparticipant (e.g., first party 114) purchased 2,000 bitcoin tokens at$4,000 each, assume that the first market participant (e.g., first party114) sold those 2,000 bitcoin tokens to the second market participant(e.g., second party 116) for $3,900 each. In this situation, the tradingplatform account (e.g., participant platform-specific trading account1202) of the first market participant (e.g., first party 114) mayinclude the $5,000,000 in general collateral assets (e.g. assets 102),zero bitcoin tokens (as they were transferred to a platform-specifictrading account associated with second party 116), an outstanding debtof $8,000,000 (which was collateralized 1254 by the $5,000,000 ingeneral collateral assets), and an outstanding credit of $7,800,000 (forthe sale of the bitcoin tokens to second party 116).

At this point in time, trading platform process 10 may effectuate 1264the net settlement operation that would require the first marketparticipant (e.g., first party 114) to “settle up” with the tradingplatform (e.g., OTC 110) by providing the trading platform (e.g., OTC110) with $200,000 in assets. In the event that the first marketparticipant (e.g., first party 114) fails to “settle up” with thetrading platform (e.g., OTC 110), the first market participant (e.g.,first party 114) may forfeit $200,000 of the $5,000,000 in generalcollateral assets to the trading platform (e.g., OTC 110) to settletheir outstanding debt.

The system described above provides protection for both the marketparticipant (e.g., first party 114) and the trading platform (e.g., OTC110) by storing 1252 the general collateral assets (e.g. assets 102)within a trading platform account (e.g., participant platform-specifictrading account 1202) managed by the third party platform (e.g., thirdparty platform 1200) and associated with the trading platform (e.g., OTC110), wherein trading platform process 10 may collateralize 1254 matchedorders using these general collateral assets (e.g. assets 102).

However, it is foreseeable that the market participant (e.g., firstparty 114), as some time in the future, may wish to withdraw the generalcollateral assets (e.g. assets 102) from the trading platform account(e.g., participant platform-specific trading account 1202). But beingthese general collateral assets (e.g. assets 102) are being used tocollateralize 1254 matched orders, trading platform process 10 may beconfigured to ensure that the market participant (e.g., first party 114)“settles up” with the trading platform (e.g., OTC 110) prior to allowingsuch a withdrawal of the general collateral assets (e.g. assets 102) tooccur.

Referring to FIG. 25, in the event that a market participant (e.g.,first party 114) wishes to have their general collateral assets (e.g.assets 102) returned (in whole or in part), the market participant(e.g., first party 114) may provide a deallocation notice (e.g.,deallocation notice 1210) to trading platform process 10 concerningassets (e.g. assets 102) within a trading account (e.g., participantplatform-specific trading account 1202).

Upon receiving 1300 deallocation notice 1210 from the market participant(e.g., first party 114), trading platform process 10 may initiate 1302an auto-deallocation period (e.g., auto-deallocation period 1212). Thelength of this auto-deallocation period (e.g., auto-deallocation period1212) may vary depending upon the manner in which trading platformprocess 10 is configured. For example, auto-deallocation period 1212 maybe comparatively short (i.e., a portion of the periodicity of theabove-described net settlement period). Conversely, auto-deallocationperiod 1212 may be considerably longer (e.g., as long as if not longerthan the periodicity of the above-described net settlement period).

Further and upon receiving 1300 deallocation notice 1210 from the marketparticipant (e.g., first party 114), trading platform process 10 maynotify 1304 a trading platform (e.g., OTC 110) associated with thetrading account (e.g., participant platform-specific trading account1202) of deallocation notice 1212.

Trading platform process 10 may allow 1306 the trading platform (e.g.,OTC 110) to authorize the transfer of at least a portion of the assets(e.g. assets 102) within the trading account (e.g., participantplatform-specific trading account 1202) to the market participant (e.g.,first party 114) during auto-deallocation period 1212. For example,depending upon the rules of the trading platform (e.g., OTC 110) and/orthe history of the relationship between the market participant (e.g.,first party 114) and trading platform (e.g., OTC 110), the tradingplatform (e.g., OTC 110) may authorize the transfer of some (or all) ofassets 102 within participant platform-specific trading account 1202 tofirst party 114 during auto-deallocation period 1212.

In the event that the trading platform (e.g., OTC 110) does notauthorize the transfer of some (or all) of assets 102 to first party 114during auto-deallocation period 1212 (or if such authorization was neversought by trading platform process 10), trading platform process 10 maydetermine 1308 if there is outstanding trade activity (e.g.,previously-received unsettled trade activity, newly-received unsettledtrade activity, etc.) within the trading account (e.g., participantplatform-specific trading account 1202) during auto-deallocation period1212.

If there is no outstanding trade activity (e.g., previously-receivedunsettled trade activity, newly-received unsettled trade activity, etc.)within the trading account (e.g., participant platform-specific tradingaccount 1202) during auto-deallocation period 1212, trading platformprocess 10 may transfer 1310 at least a portion of the assets (e.g.assets 102) within the trading account (e.g., participantplatform-specific trading account 1202) to the market participant (e.g.,first party 114). For example, if there is no outstanding trade activitybut there is an outstanding balance owed to the trading platform (e.g.,OTC 110) by first party 114, that outstanding balance may be deductedfrom assets 102 before being transferred 1310 to the market participant(e.g., first party 114).

If there is outstanding trade activity (e.g., previously-receivedunsettled trade activity, newly-received unsettled trade activity, etc.)within the trading account (e.g., participant platform-specific tradingaccount 1202) during auto-deallocation period 1212, trading platformprocess 10 may reject 1312 deallocation notice 1212. In such asituation, trading platform process 10 may take no action ondeallocation notice 1210.

Alternatively and if there is outstanding trade activity within thetrading account during the auto-deallocation period, trading platformprocess 10 may attempt 1314 to settle the outstanding trade activityduring auto-deallocation period 1212. For example, trading platformprocess 10 may request that the trading platform (e.g., OTC 110) match(or cancel) any unmatched orders, execute any matched orders and/orsettle any outstanding trades).

If the outstanding trade activity cannot be settled due to inaction bythe trading platform (e.g., OTC 110), trading platform process 10 maytransfer 1316 at least a portion of the assets (e.g., assets 102) withinthe trading account (e.g., participant platform-specific trading account1202) to the market participant (e.g., first party 114). For example, ifthe trading platform (e.g., OTC 110) had previously matched a trade butOTC 110 has failed to (or refuses to) settle the trade, trading platformprocess 10 may transfer 1316 some or all of assets 102 within thetrading account (e.g., participant platform-specific trading account1202) to first party 114 (as first party 114 should not be penalized dueto inaction by OCT 10).

Conversely, if the outstanding trade activity cannot be settled due toinaction by the market participant (e.g., first party 114), tradingplatform process 10 may reject 1318 deallocation notice 1210. Forexample, if the trading platform (e.g., OTC 110) had previously matcheda trade but first party 114 has failed to (or refuses to) fund thetrade, trading platform process 10 may reject 1318 deallocation notice1210 (as OTC 110 should not be penalized due to inaction by first party114).

General

As will be appreciated by one skilled in the art, the present disclosuremay be embodied as a method, a system, or a computer program product.Accordingly, the present disclosure may take the form of an entirelyhardware embodiment, an entirely software embodiment (includingfirmware, resident software, micro-code, etc.) or an embodimentcombining software and hardware aspects that may all generally bereferred to herein as a “circuit,” “module” or “system.” Furthermore,the present disclosure may take the form of a computer program producton a computer-usable storage medium having computer-usable program codeembodied in the medium.

Any suitable computer usable or computer readable medium may beutilized. The computer-usable or computer-readable medium may be, forexample but not limited to, an electronic, magnetic, optical,electromagnetic, infrared, or semiconductor system, apparatus, device,or propagation medium. More specific examples (a non-exhaustive list) ofthe computer-readable medium may include the following: an electricalconnection having one or more wires, a portable computer diskette, ahard disk, a random access memory (RAM), a read-only memory (ROM), anerasable programmable read-only memory (EPROM or Flash memory), anoptical fiber, a portable compact disc read-only memory (CD-ROM), anoptical storage device, a transmission media such as those supportingthe Internet or an intranet, or a magnetic storage device. Thecomputer-usable or computer-readable medium may also be paper or anothersuitable medium upon which the program is printed, as the program can beelectronically captured, via, for instance, optical scanning of thepaper or other medium, then compiled, interpreted, or otherwiseprocessed in a suitable manner, if necessary, and then stored in acomputer memory. In the context of this document, a computer-usable orcomputer-readable medium may be any medium that can contain, store,communicate, propagate, or transport the program for use by or inconnection with the instruction execution system, apparatus, or device.The computer-usable medium may include a propagated data signal with thecomputer-usable program code embodied therewith, either in baseband oras part of a carrier wave. The computer usable program code may betransmitted using any appropriate medium, including but not limited tothe Internet, wireline, optical fiber cable, RF, etc.

Computer program code for carrying out operations of the presentdisclosure may be written in an object oriented programming languagesuch as Java, Smalltalk, C++ or the like. However, the computer programcode for carrying out operations of the present disclosure may also bewritten in conventional procedural programming languages, such as the“C” programming language or similar programming languages. The programcode may execute entirely on the user's computer, partly on the user'scomputer, as a stand-alone software package, partly on the user'scomputer and partly on a remote computer or entirely on the remotecomputer or server. In the latter scenario, the remote computer may beconnected to the user's computer through a local area network/a widearea network/the Internet (e.g., network 14).

The present disclosure is described with reference to flowchartillustrations and/or block diagrams of methods, apparatus (systems) andcomputer program products according to embodiments of the disclosure. Itwill be understood that each block of the flowchart illustrations and/orblock diagrams, and combinations of blocks in the flowchartillustrations and/or block diagrams, may be implemented by computerprogram instructions. These computer program instructions may beprovided to a processor of a general purpose computer/special purposecomputer/other programmable data processing apparatus, such that theinstructions, which execute via the processor of the computer or otherprogrammable data processing apparatus, create means for implementingthe functions/acts specified in the flowchart and/or block diagram blockor blocks.

These computer program instructions may also be stored in acomputer-readable memory that may direct a computer or otherprogrammable data processing apparatus to function in a particularmanner, such that the instructions stored in the computer-readablememory produce an article of manufacture including instruction meanswhich implement the function/act specified in the flowchart and/or blockdiagram block or blocks.

The computer program instructions may also be loaded onto a computer orother programmable data processing apparatus to cause a series ofoperational steps to be performed on the computer or other programmableapparatus to produce a computer-implemented process such that theinstructions which execute on the computer or other programmableapparatus provide steps for implementing the functions/acts specified inthe flowchart and/or block diagram block or blocks.

The flowcharts and block diagrams in the figures may illustrate thearchitecture, functionality, and operation of possible implementationsof systems, methods and computer program products according to variousembodiments of the present disclosure. In this regard, each block in theflowchart or block diagrams may represent a module, segment, or portionof code, which comprises one or more executable instructions forimplementing the specified logical function(s). It should also be notedthat, in some alternative implementations, the functions noted in theblock may occur out of the order noted in the figures. For example, twoblocks shown in succession may, in fact, be executed substantiallyconcurrently, or the blocks may sometimes be executed in the reverseorder, depending upon the functionality involved. It will also be notedthat each block of the block diagrams and/or flowchart illustrations,and combinations of blocks in the block diagrams and/or flowchartillustrations, may be implemented by special purpose hardware-basedsystems that perform the specified functions or acts, or combinations ofspecial purpose hardware and computer instructions.

The terminology used herein is for the purpose of describing particularembodiments only and is not intended to be limiting of the disclosure.As used herein, the singular forms “a”, “an” and “the” are intended toinclude the plural forms as well, unless the context clearly indicatesotherwise. It will be further understood that the terms “comprises”and/or “comprising,” when used in this specification, specify thepresence of stated features, integers, steps, operations, elements,and/or components, but do not preclude the presence or addition of oneor more other features, integers, steps, operations, elements,components, and/or groups thereof.

The corresponding structures, materials, acts, and equivalents of allmeans or step plus function elements in the claims below are intended toinclude any structure, material, or act for performing the function incombination with other claimed elements as specifically claimed. Thedescription of the present disclosure has been presented for purposes ofillustration and description, but is not intended to be exhaustive orlimited to the disclosure in the form disclosed. Many modifications andvariations will be apparent to those of ordinary skill in the artwithout departing from the scope and spirit of the disclosure. Theembodiment was chosen and described in order to best explain theprinciples of the disclosure and the practical application, and toenable others of ordinary skill in the art to understand the disclosurefor various embodiments with various modifications as are suited to theparticular use contemplated.

A number of implementations have been described. Having thus describedthe disclosure of the present application in detail and by reference toembodiments thereof, it will be apparent that modifications andvariations are possible without departing from the scope of thedisclosure defined in the appended claims.

What is claimed is:
 1. A computer-implemented method, executed on acomputing device and configured to effectuate a clearing platform, thecomputer-implemented method comprising: enabling agent functionality fora plurality of clients with respect to a Value Unit Repository (VUR) anda plurality of custodial accounts defined therein; receiving a pluralityof digitally-signed matched orders concerning a plurality of parties.thus defining a batch of digitally-signed matched orders; andeffectuating the clearing of the batch of digitally-signed matchedorders including: performing a netting operation to determine a netasset amount for each of the plurality of parties, and seekingmulti-party approval to transfer the net asset amount for each of theplurality of parties to a custodial account associated with each of theplurality of parties.
 2. The computer-implemented method of claim 1wherein the Value Unit Repository (VUR) includes one or more of: aqualified custodian; a bank; a trust company; a digital asset walletwith multiparty approvals; a dealer; and a broker/dealer.
 3. Thecomputer-implemented method of claim 1 wherein effectuating the clearingof the batch of digitally-signed matched orders further includes: ifsuch multi-party approval is received, transferring the net asset amountfor each of the plurality of parties to the custodial account associatedwith each of the plurality of parties.
 4. The computer-implementedmethod of claim 3 wherein effectuating the clearing of the batch ofdigitally-signed matched orders further includes: sending one or moremessages to the Value Unit Repository (VUR) to effectuate transferringthe net asset amount for each of the plurality of parties to thecustodial account associated with each of the plurality of parties. 5.The computer-implemented method of claim 3 wherein effectuating theclearing of the batch of digitally-signed matched orders furtherincludes: confirming the origin and/or integrity of each of the batch ofdigitally-signed matched orders prior to performing the nettingoperation to determine the net asset amount for each of the plurality ofparties.
 6. The computer-implemented method of claim 5 wherein each ofthe batch of digitally-signed matched orders was encrypted using aprivate encryption key of a specific party associated with the batch ofdigitally-signed matched orders.
 7. The computer-implemented method ofclaim 6 wherein confirming the origin and/or integrity of each of thebatch of digitally-signed matched orders prior to performing the nettingoperation to determine a net asset amount for each of the plurality ofparties includes: using a public encryption key of the specific partyassociated with the batch of digitally-signed matched orders to confirmthe origin and/or integrity of each of the batch of digitally-signedmatched orders prior to performing the netting operation to determinethe net asset amount for each of the plurality of parties.
 8. A computerprogram product residing on a computer readable medium having aplurality of instructions stored thereon which, when executed by aprocessor, cause the processor to perform operations comprising: venabling agent functionality for a plurality of clients with respect toa Value Unit Repository (VUR) and a plurality of custodial accountsdefined therein; receiving a plurality of digitally-signed matchedorders concerning a plurality of parties. thus defining a batch ofdigitally-signed matched orders; and effectuating the clearing of thebatch of digitally-signed matched orders including: performing a nettingoperation to determine a net asset amount for each of the plurality ofparties, and seeking multi-party approval to transfer the net assetamount for each of the plurality of parties to a custodial accountassociated with each of the plurality of parties
 9. The computer programproduct of claim 8 wherein the Value Unit Repository (VUR) includes oneor more of: a qualified custodian; a bank; a trust company; a digitalasset wallet with multiparty approvals; a dealer; and a broker/dealer.10. The computer program product of claim 8 wherein effectuating theclearing of the batch of digitally-signed matched orders furtherincludes: if such multi-party approval is received, transferring the netasset amount for each of the plurality of parties to the custodialaccount associated with each of the plurality of parties.
 11. Thecomputer program product of claim 10 wherein effectuating the clearingof the batch of digitally-signed matched orders further includes:sending one or more messages to the Value Unit Repository (VUR) toeffectuate transferring the net asset amount for each of the pluralityof parties to the custodial account associated with each of theplurality of parties.
 12. The computer program product of claim 10wherein effectuating the clearing of the batch of digitally-signedmatched orders further includes: confirming the origin and/or integrityof each of the batch of digitally-signed matched orders prior toperforming the netting operation to determine the net asset amount foreach of the plurality of parties.
 13. The computer program product ofclaim 12 wherein each of the batch of digitally-signed matched orderswas encrypted using a private encryption key of a specific partyassociated with the batch of digitally-signed matched orders.
 14. Thecomputer program product of claim 13 wherein confirming the originand/or integrity of each of the batch of digitally-signed matched ordersprior to performing the netting operation to determine a net assetamount for each of the plurality of parties includes: using a publicencryption key of the specific party associated with the batch ofdigitally-signed matched orders to confirm the origin and/or integrityof each of the batch of digitally-signed matched orders prior toperforming the netting operation to determine the net asset amount foreach of the plurality of parties.
 15. A computing system including aprocessor and memory configured to perform operations comprising:enabling agent functionality for a plurality of clients with respect toa Value Unit Repository (VUR) and a plurality of custodial accountsdefined therein; receiving a plurality of digitally-signed matchedorders concerning a plurality of parties. thus defining a batch ofdigitally-signed matched orders; and effectuating the clearing of thebatch of digitally-signed matched orders including: performing a nettingoperation to determine a net asset amount for each of the plurality ofparties, and seeking multi-party approval to transfer the net assetamount for each of the plurality of parties to a custodial accountassociated with each of the plurality of parties
 16. The computingsystem of claim 15 wherein the Value Unit Repository (VUR) includes oneor more of: a qualified custodian; a bank; a trust company; a digitalasset wallet with multiparty approvals; a dealer; and a broker/dealer.17. The computing system of claim 15 wherein effectuating the clearingof the batch of digitally-signed matched orders further includes: ifsuch multi-party approval is received, transferring the net asset amountfor each of the plurality of parties to the custodial account associatedwith each of the plurality of parties.
 18. The computing system of claim17 wherein effectuating the clearing of the batch of digitally-signedmatched orders further includes: sending one or more messages to theValue Unit Repository (VUR) to effectuate transferring the net assetamount for each of the plurality of parties to the custodial accountassociated with each of the plurality of parties.
 19. The computingsystem of claim 17 wherein effectuating the clearing of the batch ofdigitally-signed matched orders further includes: confirming the originand/or integrity of each of the batch of digitally-signed matched ordersprior to performing the netting operation to determine the net assetamount for each of the plurality of parties.
 20. The computing system ofclaim 19 wherein each of the batch of digitally-signed matched orderswas encrypted using a private encryption key of a specific partyassociated with the batch of digitally-signed matched orders.
 21. Thecomputing system of claim 20 wherein confirming the origin and/orintegrity of each of the batch of digitally-signed matched orders priorto performing the netting operation to determine a net asset amount foreach of the plurality of parties includes: using a public encryption keyof the specific party associated with the batch of digitally-signedmatched orders to confirm the origin and/or integrity of each of thebatch of digitally-signed matched orders prior to performing the nettingoperation to determine the net asset amount for each of the plurality ofparties.